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S&P rates ADT notes BB-
Standard & Poor's said it assigned a BB- rating to ADT Corp.'s new $500 million senior unsecured notes with a recovery rating of 3, indicating 50% to 70% expected default recovery.
The proceeds will be used primarily to repay the outstanding amount under ADT's revolving credit facility, repurchase outstanding shares of its common stock and for general corporate purposes, S&P said.
The use of proceeds is consistent with the company's financial policy announced in July 2013, which over time will result in leverage of 3.0x, the agency said.
The ratings reflect the company's satisfactory business risk profile and highly leveraged financial risk profile, S&P said.
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