By Cristal Cody
Prospect News, Jan. 27 - Garda World Security Corp. priced C$50 million in a reopening of its 9¾% senior notes due March 15, 2017 (B2/B/) at 102 to yield 9.15% on Friday, a source said.
The notes came at a spread of 789 basis points over the Government of Canada benchmark.
TD Securities Inc. and UBS Securities LLC were joint lead bookrunnners. Co-lead managers were Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd. and GMP Securities LP.
Proceeds will be used to repay a $25 million bridge loan and reduce amounts outstanding under the company's committed bank revolver.
The company last reopened the issue in a C$50 million offering on May 30, 2011 at 106.5, resulting in an 8.08% yield to worst and an 8.3% yield to maturity.
The original C$75 million issue priced at 98.148 on March 8, 2010 to yield 10 1/8% as part of a deal that also included $250 million of the notes priced with the same terms but in U.S. dollars.
The total outstanding now is C$175 million.
Garda World is a Montreal-based security services, cash logistics and global risk consulting provider.
| Issuer: | Garda World Security Corp.
|
| Amount: | C$50 million reopening
|
| Maturity: | March 15, 2017
|
| Security description: | Senior notes
|
| Bookrunners: | TD Securities Inc., UBS Securities LLC
|
| Co-lead managers: | Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd., GMP Securities LP
|
| Coupon: | 9¾%
|
| Price: | 102
|
| Yield to maturity: | 9.15%
|
| Spread: | 789 bps over Government of Canada benchmark
|
| Pricing date: | Jan. 27
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Original issue: | C$75 million priced at 98.148 on March 8, 2010 to yield 10 1/8%
|
| Total issue size: | C$175 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
