EFTA Document EFTA01378334

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. High Yield ADT Corp. (ADT) Updated: Oct 1, 2015 Trade Idea: 0 Buy ADT Corp. 6.25% Senior Unsecured Notes due 2021. Investment Rationale: 0 Largest provider of residential security monitoring services in North America with a 25% market share and 6.5 million customers. o Solid, stable, recurring free cash flow generator with 50+% EBITDA margins industry average customer attrition rates. o Moderate leverage