S&P rates ADT loan BB-

S&P said it assigned its BB- issue-level rating and 2 recovery rating to ADT Inc.’s proposed $3.15 billion first-lien senior secured term loan facility.

The BB- issue level rating and 2 recovery rating on ADT’s existing first-lien senior secured notes due 2026 remain unchanged. The 2 recovery rating indicates the expectation for substantial recovery (70%-90%; rounded estimate: 70%) in the event of a payment default.

ADT will borrow the funds through Prime Security Services Borrower LLC. The agency sees the transaction as leverage neutral.

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