AlliedBarton launches $380 million credit facility at Libor plus 450 bps

By Sara Rosenberg

New York, July 29 - AlliedBarton Security Services launched its $380 million senior secured credit facility on Tuesday with price talk of Libor plus 450 basis points, according to a market source.

Tranching on the deal is comprised of a $55 million revolver and a $325 million term loan.

The term loan has a 3.25% Libor floor and is being offered to investors at an original issue discount of 98.

Prior to the bank meeting, talk was that the deal would come somewhere in the Libor plus 425 bps to 450 bps area.

Credit Suisse, HSBC and GE Capital are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by the Blackstone Group, which is expected to be completed in August.

AlliedBarton is a King of Prussia, Pa.-based provider of highly trained security personnel.

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