ADT completes $2.78B loan repricing at talk; terms

Investors on Jan. 22 received allocations for ADT Inc.'s repriced $2.779 billion covenant-lite first-lien term loan due September 2026 via a Barclays-led arranger group, according to sources. Pricing was finalized at L+275 with a 0.75% Libor floor and the loan was issued at par.

With this transaction, the issuer lowers pricing on the loan from L+325 with a 1% floor.

The transaction is leverage-neutral, with net first-lien leverage remaining at 3.2x and net total leverage at 3.7x. ADT is a provider of monitored security and interactive home and business automation services in the U.S. and Canada. Terms: