The document is an investment recommendation for ADT Corp.'s 6.25% Senior Unsecured Notes due 2021. It highlights ADT as the largest provider of residential security monitoring services in North America with a 25% market share. The company is noted for its solid, stable, recurring free cash flow and moderate leverage. The notes are recommended for purchase at a current offer price of $103.25, providing a 5.6% yield to worst (YTW) and a 6.0% current yield. The recommendation is based on ADT's BB-rated credit and potential for acquisition by an investment-grade strategic acquirer.
documents/EFTA01378334.pdf
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