ROSELAND, N.J., May 11, 2021 /PRNewswire/ -- ADP (Nasdaq:
ADP), a leading global provider of Human Capital Management (HCM)
solutions, today announced the pricing of a public offering of
$1.0 billion aggregate principal
amount of its 1.70% senior notes due 2028.
ADP expects to receive the net offering proceeds upon closing on
or about May 14, 2021. The intended
use of proceeds from the offering is to effect share repurchases
under ADP's existing share repurchase program, subject to market
conditions, and any remainder is for general corporate purposes.
ADP anticipates that any share repurchases funded by the proceeds
of the offering will be completed within a 6 to 12 month timeframe,
subject to market conditions. These share repurchases are expected
to be incremental to share repurchases conducted in the normal
course of business, which are intended to offset dilution from
employee benefit plans and return excess cash to shareholders,
subject to market conditions.
"This anticipated debt offering enhances our capital structure
and is consistent with ADP's commitment to a very strong investment
grade credit rating" said Carlos
Rodriguez, President and Chief Executive Officer, ADP.
ADP has filed a registration statement (including a
prospectus and preliminary prospectus supplement) with the
Securities and Exchange Commission ("SEC") for the offering to
which this communication relates. Before you invest, you should
read the base prospectus in that registration statement, the
applicable preliminary prospectus supplement and the other
documents ADP has filed with the SEC for more complete information
about ADP and this offering. You may get these documents for free
by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, ADP, any underwriter or any dealer participating in
the offering will arrange to send investors the prospectus and
preliminary prospectus supplement upon request by contacting BofA
Securities, Inc. by telephone at 1-800-294-1322 or by email
at dg.prospectus_requests@bofa.com, Deutsche Bank
Securities Inc. by telephone at 1-800-503-4611 or by email at
prospectus.CPDG@db.com, or J.P. Morgan Securities
LLC by telephone at (212) 834-4533.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the debt securities or any other
securities, nor shall there be any sale of these securities in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering of these
securities may be made only by means of the prospectus supplement
and the accompanying prospectus.
About ADP (NASDAQ – ADP)
Designing better ways to work
through cutting-edge products, premium services and exceptional
experiences that enable people to reach their full potential.
HR, Talent, Time Management, Benefits and Payroll. Informed
by data and designed for people.
Forward-Looking Statement
This document and other written or oral statements made from
time to time by ADP may contain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements that are not historical in nature and which may be
identified by the use of words like "expects," "assumes,"
"projects," "anticipates," "estimates," "we believe," "could" and
other words of similar meaning, are forward-looking statements.
These statements are based on management's expectations and
assumptions and depend upon or refer to future events or conditions
and are subject to risks and uncertainties that may cause actual
results to differ materially from those expressed. Factors that
could cause actual results to differ materially from those
contemplated by the forward-looking statements or that could
contribute to such difference include: ADP's success in obtaining
and retaining clients, and selling additional services to clients;
the pricing of products and services; the success of our new
solutions; compliance with existing or new legislation or
regulations; changes in, or interpretations of, existing
legislation or regulations; overall market, political and economic
conditions, including interest rate and foreign currency trends;
competitive conditions; our ability to maintain our current credit
ratings and the impact on our funding costs and profitability;
security or cyber breaches, fraudulent acts, and system
interruptions and failures; employment and wage levels; changes in
technology; availability of skilled technical associates; the
impact of new acquisitions and divestitures; the adequacy,
effectiveness and success of our business transformation
initiatives; and the impact of and uncertainties related to major
natural disasters or catastrophic events, including the coronavirus
("COVID-19") pandemic. ADP disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by law. These risks
and uncertainties, along with the risk factors discussed under
"Item 1A. - Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended June 30, 2020
("fiscal 2020"), and in other written or oral statements made from
time to time by ADP, should be considered in evaluating any
forward-looking statements contained herein.
ADP, the ADP logo, and Always Designing for People are
trademarks of ADP, Inc. All other marks are the property of their
respective owners.
Copyright © 2021 ADP, Inc. All rights reserved.
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SOURCE ADP, Inc.