BOCA RATON, Fla. -- ADT Ltd. said it has received commitments from Bank of Nova Scotia and Chemical Bank for a $500 million credit facility.
The facility will consist of a six-year $250 million term loan, amortizing over 4 1/2 years, beginning in December 1994, and a $250 million revolving credit repayable in full six years from the closing.
Guarantee from ADT
The new loans will be guaranteed by ADT, a provider of security services, and certain of its subsidiaries.
The commitments are subjecct to final documentation and other conditions, including the concurrent closing of the public offerings on the terms and in the amounts contemplated.
ADT said it will use the loan proceeds, along with those of a stock offering and two note issues totaling $600 million, to repay debts outstanding under ADT's two principal credit facilities, which will canceled, and to repay other long-term debt.