By Paul A. Harris
St. Louis, July 1 - Allied Security Inc. priced an upsized $180 million of seven-year senior subordinated notes (Caa1/B-) Thursday at 98.823 with an 11 3/8% coupon to yield 11 5/8%, according to an informed source.
Price talk was 11½% to 11¾%.
Bear Stearns & Co. ran the books for the Rule 144A issue.
Proceeds will be used to fund the acquisition of Barton Protective Services and to repay debt.
The issuer is a King of Prussia, Pa.-based private security company.
The issue was upsized from $175 million.
| Issuer: | Allied Security Inc.
|
| Amount: | $180 million, increased from $175 million
|
| Maturity: | July 15, 2011
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Bear Stearns & Co.
|
| Coupon: | 11 3/8%
|
| Price: | 98.823
|
| Yield: | 11 5/8%
|
| Spread: | 737 basis points
|
| Call features: | Callable after July 15, 2008 at 105.688, 102.844, par on or after July 15, 2010
|
| Equity clawback: | Until July 15, 2007 for 35% at 111.375
|
| Pricing date: | July 1
|
| Settlement date: | July 14
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Price talk: | 11½%-11¾%
|
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