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S&P rates ADT notes BB-
S&P said it assigned BB- issue-level and 2 recovery ratings to ADT Inc.'s expected $1 billion of first-lien notes due 2029. The 2 recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) in default. Subsidiary the ADT Security Corp. will issue the notes.
The company intends to use the proceeds and balance sheet cash, to refinance its $1 billion 3½% first-lien notes due 2022, also rated BB- with a 2 recovery rating, and pay related transaction expenses.
“The transaction is leverage neutral, though we note that it will extend ADT's weighted average debt maturity to 5.72 years from 5.03 years,” S&P said in a press release.
The outlook is stable.
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