This record is sourced from a lender presentation filed as an exhibit to an ADT Form 8-K, describing a transaction connected to the October 2, 2023 closing of the GTCR sale (the presentation itself is dated around that period and references the sale as having closed). At the time of this document, the commercial-business sale had already closed and ADT was in the process of refinancing its remaining Term Loan B due 2026 with a new facility due 2030.
Barclays appears in this document in a leveraged finance capacity, not as an M&A financial advisor: the lender presentation lists "Administrative Agent: Barclays" for the proposed 1,400 million dollar Senior Secured Term Loan B facility, and a Barclays managing director is listed among the call participants representing the arranger side. On the underlying M&A transaction (the sale of ADT's commercial business to GTCR), this document does not name Barclays; separate ADT disclosures identify Citi and RBC Capital Markets as financial advisors to ADT on that sale, with Cravath, Swaine & Moore LLP as ADT's legal advisor, none of which involved Barclays in an advisory capacity.
No legal advisors are named in connection with the Term Loan B facility itself in this presentation.
On deal structure, the presentation describes the new 1,400 million dollar, seven-year Term Loan B as refinancing the existing Term Loan B due 2026, secured by a perfected first-priority security interest in substantially all assets of the borrowers and guarantors, with pro forma first-lien net leverage and total net leverage of approximately 2.5 times and 2.9 times, respectively, based on trailing-twelve-month adjusted EBITDA.
Not disclosed in this document: the specific interest rate or pricing terms of the new Term Loan B, the identity of other lenders or arrangers in the syndicate beyond Barclays as administrative agent, and the closing date of the refinancing itself (as distinct from the already-disclosed October 2, 2023 closing of the underlying GTCR sale).