Summary
Automatic Data Processing, Inc. (ADP) has filed an 8-K report detailing the successful issuance of $1 billion in aggregate principal amount of 4.450% senior notes due 2034. This issuance, which occurred on September 9, 2024, was executed under an Underwriting Agreement with major financial institutions including BofA Securities, J.P. Morgan Securities, and Morgan Stanley. The new debt offering was registered with the SEC on Form S-3 and offered via a prospectus dated September 4, 2024. The proceeds from this offering will bolster ADP's capital structure, providing financial flexibility for its operations and strategic initiatives. The notes were issued pursuant to an Indenture, as supplemented by a Third Supplemental Indenture, with U.S. Bank Trust Company, National Association acting as trustee.
Key Highlights
- 1ADP issued $1 billion in 4.450% senior notes due 2034.
- 2The offering was completed on September 9, 2024.
- 3Key underwriters included BofA Securities, J.P. Morgan Securities, and Morgan Stanley.
- 4The notes were registered on Form S-3 with the SEC.
- 5The issuance was made under an Underwriting Agreement dated September 4, 2024.
- 6The notes were issued pursuant to an Indenture and a Third Supplemental Indenture.
- 7Legal counsel for the issuance was Davis Polk & Wardwell LLP.