ADT Security driving by with $1 billion eight-year first priority notes; initial talk low 4% area

By Paul A. Harris

Portland, Ore., July 15 – ADT Inc. plans to price a $1 billion offering of eight-year first priority senior secured notes (Ba3/BB-) in a Thursday drive-by, according to market sources.

The bullet deal is in the market with initial guidance in the low 4% area.

Deutsche Bank Securities Inc. is the left bookrunner for the Rule 144A and Regulation S offer. Barclays, Mizuho Securities USA Inc., RBC Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, MUFG and BNP Paribas Securities Corp. are the joint bookrunners.

The issuing entity will be ADT Security Corp. a wholly owned subsidiary of ADT Inc.

The Boca Raton-based provider of home and business security equipment and services plans to use the proceeds to redeem the ADT Security Corp. 3½% senior unsecured notes due 2022.

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