Garda to price $400 million seven-year secured notes on Thursday

By Paul A. Harris

Portland, Ore., Jan. 23 – Garda World Security Corp. plans to price a $400 million offering of seven-year senior secured notes in a Thursday drive-by trailing a late-morning conference call with investors, according to a syndicate source.

BofA Securities Inc. is the left bookrunner. Barclays, J.P. Morgan Securities LLC, Apollo, TD Securities, Jefferies LLC, RBC Capital Markets LLC, Scotia Capital and UBS Investment Bank are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Montreal-based privately owned security company plans to use the proceeds, together with cash on hand, to repay term loan debt.

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