The company amended the revolver to increase the size to $800 million from $575 million and lengthen the maturity date by three years. The amendment also lowers the pricing structure based on management-calculated net first-lien leverage. Although the ratings are unchanged, our recovery expectation for the first-lien debt, including the upsized revolver, is now 80% versus 85% previously because the larger facility dilutes recovery prospects for first-lien debt holders. ADT has a track record of reducing debt and we are not anticipating revolver borrowings in our forecast. In 2023, the company used proceeds from selling its lower-margin commercial business and cash on hand to repay about $2 billion debt. This improved leverage. We believe its sharper focus on core operations
