By Paul A. Harris
St. Louis, March 8 - Garda World Security Corp. priced 9¾% seven-year senior unsecured notes (B3/B/) in tranches of $250 million and C$75 million on Monday, according to an informed source.
Both tranches priced at 98.148, and yield 10 1/8%.
The dollar-denominated tranche priced 12.5 basis points through the 10¼% to 10½% price talk.
UBS Securities LLC and Macquarie Capital (USA) Inc. were joint bookrunners for the dollar-denominated tranche.
TD Securities was the bookrunner for the Canadian dollar-denominated tranche.
Proceeds will be used to refinance debt and for general corporate purposes.
Garda is a Montreal-based security services provider.
| Issuer: | Garda World Security Corp.
|
| Amount: | $250 million and C$75 million
|
| Maturity: | March 15, 2017
|
| Securities: | Senior unsecured notes
|
| Coupon: | 9¾%
|
| Price: | 98.148
|
| Yield: | 10 1/8%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until March 15, 2014, then callable at 104.875, 102.438, par on and after March 15, 2016
|
| Trade date: | March 8
|
| Settlement date: | March 12
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S for life
|
|
|
| Dollar-denominated tranche
|
| Bookrunners: | UBS Securities LLC, Macquarie Capital (USA) Inc.
|
| Lead managers: | TD Securities (USA) LLC, Desjardins Securities International Inc.
|
| Spread: | 700 bps
|
| Price talk: | 10¼% to 10½%
|
|
|
| Canadian dollar tranche
|
| Bookrunner: | TD Securities
|
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