Garda World sets talk on $980 million-equivalent term loan with launch

By Sara Rosenberg

New York, April 10 – Garda World Security Corp. released price talk on its $980 million-equivalent seven-year senior secured covenant-light term loan that includes a U.S. dollar tranche and a Canadian dollar tranche in connection with its bank meeting on Monday, according to a market source.

Talk on the U.S. term loan tranche is Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99 to 99.5, and talk on the Canadian term loan tranche is CDOR plus 425 bps with a 1% floor and a discount of 99 to 99.5, the source said.

Both term loan tranches have 101 soft call protection for six months.

The company’s $1.22 billion in credit facilities (NA/NA/BB+) also include a $240 million revolver.

Barclays, Citigroup Global Markets Inc., Macquarie Capital (USA) Inc., TD Securities (USA) LLC and Societe Generale are the bookrunners on the deal.

Commitments are due at 1 p.m. ET on April 19, the source added.

Proceeds will be used to help fund a refinancing and recapitalization.

Other funds for the transaction will come from $630 million in senior unsecured notes.

Garda is a Montreal-based provider of cash logistics and security solutions.

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