Garda expected to launch $630 million senior notes on Monday

By Paul A. Harris

Portland, Ore., April 18 – Garda World Security Corp. plans to launch $630 million of senior notes (Caa2/CCC+) on Monday, according to a market source.

Timing on the bonds was announced on Tuesday in conjunction with the announcement of deadline extensions of other components of the cash logistics and security solutions provider's refinancing and recapitalization effort.

The expiration date for the Montreal-based company's tender offer for its $440 million of 7¼% senior notes due 2021 was extended to May 12 from April 18.

Also the commitment deadline for the $980 million-equivalent covenant-light term loan, in the market via Barclays, Citigroup Global Markets Inc., Macquarie Capital (USA) Inc., TD Securities (USA) LLC and Societe Generale, was extended to April 25 from April 19.

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