New Issue: Garda sells $120 million tap of 4 5/8% secured notes due 2027 at 98 to yield 4.982%

By Paul A. Harris

Portland, Ore., June 29 – Garda World Security Corp. priced a $120 million add-on to its 4 5/8% senior secured notes due Feb. 15, 2027 (B1/B) at 98 to yield 4.982% in a Monday drive-by, according to a syndicate source.

Bookrunners were BofA Securities Inc., Barclays, J.P. Morgan Securities LLC, Apollo, TD Securities, Jefferies LLC, RBC Capital Markets LLC, Scotia Capital and UBS Investment Bank.

The issue price came at the cheap end of the 98 to 98.5 price talk.

The Montreal-based privately owned security company plans to use the proceeds for general corporate purposes, which may include acquisitions.

Issuer:	Garda World Security Corp.
Amount:	$120 million
Maturity:	Feb. 15, 2027
Security description:	Add-on to 4 5/8% senior secured notes due Feb. 15, 2027
Bookrunners:	BofA Securities Inc., Barclays, J.P. Morgan Securities LLC, Apollo, TD Securities, Jefferies LLC, RBC Capital Markets LLC, Scotia Capital and UBS Investment Bank
Coupon:	4 5/8%
Price:	98
Yield:	4.982%
First call:	Feb. 15, 2023 at 102.313
Trade date:	June 29
Settlement date:	July 2
Ratings:	Moody's: B1
	S&P: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	98 to 98.5
Marketing:	Drive-by
Original issue:	$450 million priced in January 2020
Fungibility:	Add-on notes to become immediately fungible with existing notes
Total issue size:	$570 million

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