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S&P rates ADT term loan BB
S&P said it assigned its BB issue-level rating and 2 recovery rating to ADT Inc.'s new $1.4 billion term loan due 2030. The recovery rating indicates an expectation for substantial (70%-90%; rounded estimate 85%) recovery in a simulated default.
Proceeds from the new debt will be used to refinance an existing term loan due 2026.
“Our BB- issuer credit rating remains unchanged and reflects our view that the debt reduction and an extended debt maturity profile enhance the company's financial flexibility as it executes growth initiatives,” S&P said in a news release.
“We expect the company's operating performance will continue to improve as growth in the consumer and small business segment outweighs softness in the solar business.”
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