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AlliedBarton Security to launch $380 million credit facility on Tuesday
By Sara Rosenberg
New York, July 25 - AlliedBarton Security Services is scheduled to hold a bank meeting on Tuesday to launch its proposed $380 million senior secured credit facility, according to a market source.
Credit Suisse, HSBC and GE Capital are the lead banks on the deal.
The facility consists of a $55 million revolver and a $325 million term loan, with both tranches guided around the Libor plus 425 basis points to 450 bps area, the source said.
The term loan has a 3.25% Libor floor and is expected to be offered at an original issue discount of 98, the source added.
Proceeds will be used to help fund the buyout of the company by the Blackstone Group.
The transaction is expected to close in August subject to certain government approvals and other customary conditions.
AlliedBarton is a King of Prussia, Pa.-based provider of highly trained security personnel.
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