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Garda World trims add-on term loan to $75 million, revises OID to 98.8
By Sara Rosenberg
New York, Aug. 4 – Garda World Security Corp. downsized its add-on term loan to $75 million from $100 million and widened the original issue discount to 98.8 from 99, according to a market source.
Pricing on the add-on loan is Libor plus 300 basis points with a 1% Libor floor, in line with the company’s existing term loan.
As before, the add-on term loan and the existing loan are getting 101 soft call protection for six months.
Jefferies Finance LLC is the lead on the deal.
Proceeds will be used to fund the acquisition of Aegis Group, a London-based provider of highly specialized protective services.
The company will use existing liquidity to compensate for the term loan downsizing, the source added.
Closing on the acquisition is subject to customary conditions, including regulatory approvals.
Garda is a Montreal-based provider of business solutions and security services.
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