ADT - ADT repays $300M principal amount of first lien term loans; terminates debt tender offers
ADT ([[ADT]] +3.2%) and its wholly-owned subsidiaries terminated their earlier announced tender offers to purchase up to $300M principal amount of their outstanding 6.250% second-priority senior secured notes due 2028 and 4.875% first-priority senior secured notes due 2032.Termination was led by Moody's announcement that while the offers would have been credit positive overall, 2028 Notes offer was causing the rating agency to consider downgrading ADT's first lien debt to B1, from Ba3, due to Moody's loss-given-default methodology.In December, the company will repay $300M principal amount of outstanding first lien term loans under the borrower's existing credit agreement in lieu of completing the offers.
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ADT repays $300M principal amount of first lien term loans; terminates debt tender offers