Garda World launches $194.5 million incremental term loan at 99.05 OID

By Sara Rosenberg

New York, July 9 – Garda World Security Corp. launched on Tuesday its $194.5 million incremental first-lien term loan B due May 26, 2024 with original issue discount talk of 99.05, according to a market source.

Pricing on the incremental term loan is Libor plus 350 basis points with a 1% Libor floor, in line with existing term loan pricing, the source said.

The incremental term loan and the existing term loan are getting 101 soft call protection for six months.

The incremental loan is expected to be fungible with the existing term loan B.

Barclays is the lead bank on the deal.

Commitments are due at noon ET on July 16, the source added.

Proceeds will be used to fund acquisitions, including Whelan Security and CPS Security.

Rhone Group is the sponsor.

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

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