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ADT announces initial public offering launch

ADT announces initial public offering launch
ADT, the leader in security and automation solutions for homes and businesses in North America, announced the launch of its initial public offering of 111,111,111 shares of common stock.
ADT, the leader in security and automation solutions for homes and businesses in North America, announced the launch of its initial public offering of 111,111,111 shares of common stock. The initial public offering price is expected to be between $17.00 and $19.00 per share, before underwriting discounts and commissions. In addition, the company granted to the underwriters a 30-day option to purchase up to an additional 16,666,667 shares of common stock at the initial public offering price, less underwriting discounts and commissions. ADT’s existing shareholders will not sell any shares in the offering. ADT has applied to list shares on the New York Stock Exchange (NYSE) under the symbol "ADT.”

ADT expects to receive gross proceeds of approximately $2 billion from the offering, or $2.3 billion if the underwriters exercise their over-allotment option in full. ADT intends to use the gross proceeds from the offering to partially redeem outstanding second lien notes, deposit approximately $750 million of the net proceeds from this offering into a separate account, which amount will be used to redeem ADT’s preferred securities on a date to be determined following the consummation of the initial public offering, and pay fees and expenses in connection with the offering.

Morgan Stanley, Goldman Sachs & Co, Barclays, Deutsche Bank Securities, and RBC Capital Markets are acting as joint book-running managers for the offering. Citigroup, BofA Merrill Lynch, and Credit Suisse are serving as bookrunners. Imperial Capital, Academy Securities., Allen & Company, Apollo Global Securities, Citizens Capital Markets, LionTree, SunTrust Robinson Humphrey and The Williams Capital Group are acting as co-managers for the offering.

A registration statement on Form S-1, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


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