ADT : Material Agreement - Form 8-K

Published: 2024-05-24 08:32:09 ET ADT

Credit Agreement Amendment

On May 24, 2024 (the "Closing Date"), Prime Security Services Borrower, LLC, a Delaware limited liability company ("Prime Borrower"), Prime Security Services Holdings, LLC, a Delaware limited liability company ("Holdings"), and The ADT Security Corporation, a Delaware corporation ("ADTSC" and together with Prime Borrower, the "Borrowers"), each a direct or indirect wholly owned subsidiary of ADT Inc. ("ADT," the "Company," "we" and "our"), entered into that certain Incremental Assumption and Amendment Agreement No. 16 (the "Credit Agreement Amendment"), by and among Prime Borrower, as borrower, Holdings, ADTSC, as co-borrower, the subsidiary loan parties party thereto, the lenders party thereto and Barclays Bank PLC, as administrative agent (the "Administrative Agent"), which amends and restates that certain Fifteenth Amended and Restated First Lien Credit Agreement, dated as of July 1, 2015, as amended and restated on May 2, 2016, June 23, 2016, December 28, 2016, February 13, 2017, June 29, 2017, March 16, 2018, December 3, 2018, March 15, 2019 (effective April 4, 2019), September 23, 2019, January 27, 2021, July 2, 2021, May 10, 2023 (effective July 1, 2023), October 13, 2023, April 15, 2024 and May 15, 2024 (the "Existing Credit Agreement"), by and among Prime Borrower, as borrower, Holdings, ADTSC, as co-borrower, the lenders party thereto, the Administrative Agent and the other parties named therein (as amended and restated by the Credit Agreement Amendment, the "Amended and Restated Credit Agreement").

On the Closing Date, pursuant to the Credit Agreement Amendment, the Borrowers incurred $474,299,679.45 aggregate principal amount of incremental first lien senior secured term B-1 loans pursuant to the Existing Credit Agreement (the "May 2024 Incremental Term B-1 Loans"), the proceeds of which were used to refinance in full the $474,299,679.45 aggregate principal amount of first lien senior secured term A loans outstanding under that certain Term Loan Credit Agreement, dated as of March 14, 2023, as amended as of March 14, 2023 (the "TLA Credit Agreement"), by and among Prime Borrower, as borrower, Holdings, ADTSC, as co-borrower, the lenders party thereto and Barclays Bank PLC, as administrative agent. After giving effect to the transactions contemplated by the Credit Agreement Amendment, $1,989,062,500 aggregate principal amount of first lien senior secured term B-1 loans are outstanding under the Amended and Restated Credit Agreement and the TLA Credit Agreement has been terminated.

The May 2024 Incremental Term B-1 Loans have the same terms as, and constitute one class with, the term B-1 loans outstanding under the Existing Credit Agreement immediately prior to the Closing Date. Additionally, the parties to the Amended and Restated Credit Agreement continue to have the same obligations set forth in the Existing Credit Agreement.

The foregoing description of the Credit Agreement Amendment and the Amended and Restated Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to the full text of the Credit Agreement Amendment, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference herein, and the full text of the Amended and Restated Credit Agreement, a copy of which is attached as Annex A to the Credit Agreement Amendment and incorporated by reference herein.

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ADT Inc. published this content on 24 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2024 12:31:07 UTC.