ADT Inc. First-Lien Debt Rating Lowered To 'BB', Recovery Rating Revised To '3' On Proposed Priority Issuances - S&P Global Ratings’ Credit Research

ADT Inc. First-Lien Debt Rating Lowered To 'BB', Recovery Rating Revised To '3' On Proposed Priority Issuances

ADT Inc. First-Lien Debt Rating Lowered To 'BB', Recovery Rating Revised To '3' On Proposed Priority Issuances - S&P Global Ratings’ Credit Research
ADT Inc. First-Lien Debt Rating Lowered To 'BB', Recovery Rating Revised To '3' On Proposed Priority Issuances
Published Sep 29, 2025
4 pages (1570 words) — Published Sep 29, 2025
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Abstract:

NEW YORK (S&P Global Ratings) Sept. 29, 2025--S&P Global Ratings today lowered its issue-level rating on Florida-based ADT Inc.'s existing first-lien secured debt to 'BB' from 'BB+' and revised the recovery rating to '3' from '2'. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. This action follows the company?s announcement that it will use the proceeds from a proposed $300 million first-lien term loan add-on, along with the proceeds from its future issuance of $1 billion of first-lien secured notes, to refinance its existing second-lien debt maturing January 2028. This refinancing will lead to a higher amount of first-lien debt in its capital structure that reduces our

  
Brief Excerpt:

...Prime Security Services Borrower LLC and The ADT Security Corp. are the borrowers of the first-lien credit agreement and ADT Corp. is the borrower of all first-lien notes....

  
Report Type:

Ratings Action

Ticker
ADT
Issuer
ADT Inc.
GICS
Specialized Consumer Services (25302020)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "ADT Inc. First-Lien Debt Rating Lowered To 'BB', Recovery Rating Revised To '3' On Proposed Priority Issuances" Sep 29, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/ADT-Inc-First-Lien-Debt-Rating-Lowered-To-BB-Recovery-Rating-Revised-To-3-On-Proposed-Priority-Issuances-3449440>
  
APA:
S&P Global Ratings’ Credit Research. (). ADT Inc. First-Lien Debt Rating Lowered To 'BB', Recovery Rating Revised To '3' On Proposed Priority Issuances Sep 29, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/ADT-Inc-First-Lien-Debt-Rating-Lowered-To-BB-Recovery-Rating-Revised-To-3-On-Proposed-Priority-Issuances-3449440>
  
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