By Paul A. Harris
Portland, Ore., April 24 - Garda World Security Corp. priced a $140 million add-on to its 7¼% senior notes due 2021 (Caa1//B-) at 105.25 on Thursday, according to a syndicate source.
The yield to worst is 6.118%, and the yield to maturity is 6.362%.
The reoffer price came at the rich end of the 105 to 105.25 price talk.
BofA Merrill Lynch was the left bookrunner. RBC Capital Markets LLC, TD Securities (USA) LLC, Mizuho Securities USA Inc. and Deutsche Bank Securities Inc. were the joint bookrunners.
The Montreal-based provider of business solutions and security services plans to use the proceeds, together with cash on hand, to fund a C$155 million distribution to its equity holders.
| Issuer: | Garda World Security Corp.
|
| Face amount: | $140 million
|
| Proceeds: | $147 million
|
| Maturity: | Nov. 15, 2021
|
| Securities: | Add-on to the 7¼% senior notes due Nov. 15, 2021
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | RBC Capital Markets LLC, TD Securities (USA) LLC, Mizuho Securities USA Inc., Deutsche Bank Securities Inc.
|
| Coupon: | 7¼%
|
| Price: | 105.25
|
| Yield to worst: | 6.118%
|
| Yield to maturity: | 6.362%
|
| First call: | Nov. 15, 2016 at 105.438
|
| Trade date: | April 24
|
| Settlement date: | April 29 with accrued interest
|
| Ratings: | Moody's: Caa1
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 105 to 105.25
|
| Original issue: | $300 million priced at par on Nov. 1, 2013
|
| Total issue size: | $440 million
|
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