vehicle auction services company, has successfully completed the refinancing programme it announced nine weeks ago.

ADT chairman and CEO, Mr. Michael Ashcroft, said: "This refinancing provides ADT with a long-term, stable financial structure which will allow the company to continue to develop its two core business: electronic security services and vehicle auctions.'' ADT has announced the closing of a public offering of 18.75 million common shares at a price of $8 per share.

The company has also announced the closing of the public offering by ADT Operations, Inc, a subsidiary of ADT, of $250 million worth of 8.25 percent Senior Notes due in 2000, guaranteed on a senior basis by ADT and certain subsidiaries of ADT Operations.

The firm has also closed an offer of $350 million worth of 9.25 percent senior subordinated notes due in 2003, guaranteed on a senior subordinated basis by ADT.

Merrill Lynch and The First Boston Corporation are acting as managing underwriters for all the offerings.

Additionally, ADT has syndicated with a group of US and international banks a six year $500 million credit facility.

This transaction was arranged by Chemical Bank and the Bank of Nova Scotia and became effective simultaneously with the closing of the equity and public debt offerings.

ADT has used the net proceeds of the public offerings, together with cash on hand, to repay all indebtedness outstanding under its two principal existing credit facilities, which have been terminated.