ADT gets $350 million replacement revolver at Libor plus 275 bps

By Marisa Wong

Morgantown, W.Va., March 19 – ADT Inc. amended and restated on March 16 its fifth amended and restated first-lien credit agreement dated July 1, 2015 with Barclays Bank plc as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The first-lien revolving credit facilities under the existing credit agreement were replaced with a first-lien revolving credit facility totaling up to $350 million.

The replacement revolver matures on March 16, 2023, subject to the repayment, extension or refinancing with longer maturity debt of some of the borrower’s other debt.

Borrowings under the replacement revolver will bear interest at Libor plus an applicable margin of 275 basis points. The applicable margin is subject to one step-down based on a specified net first-lien leverage ratio.

In addition, the amended and restated credit agreement requires the borrower to pay a commitment fee of 37.5 bps to 50 bps, based on a net first-lien leverage ratio, for unused commitments.

Subsidiary Prime Security Services Borrower, LLC is borrower under the credit agreement.

ADT is a Boca Raton, Fla., security services company.

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