New Issue: Garda upsizes to $450 million, prices seven-year notes at par to yield 4 5/8%

By Paul A. Harris

Portland, Ore., Jan. 23 – Garda World Security Corp. priced an upsized $450 million issue of seven-year senior secured notes (B1/B) at par to yield 4 5/8% in a Thursday drive-by, according to a syndicate source.

The issue size was increased from $400 million.

BofA was the left bookrunner. Joint bookrunners were Barclays, JPMorgan, Apollo, TD, Jefferies, RBC, Scotia and UBS.

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

Issuer:	Garda World Security Corp.
Amount:	$450 million, increased from $400 million
Maturity:	Feb. 15, 2027
Securities:	Senior secured notes
Left bookrunner:	BofA
Joint bookrunners:	Barclays, JPMorgan, Apollo, TD, Jefferies, RBC, Scotia and UBS
Coupon:	4 5/8%
Price:	Par
Yield:	4 5/8%
Call protection:	Three years
Trade date:	Jan. 23
Settlement date:	Jan. 30
Ratings:	Moody's: B1
	S&P: B
Distribution:	Rule 144A and Regulation S for life
Marketing:	Quick to market

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