Allied Universal grows list of bookrunners for debt commitments

By Sara Rosenberg

New York, Dec. 31 – Allied Universal added ING Capital LLC, MUFG and Truist Securities to the list of bookrunners for its first-lien credit facilities and bridge loan commitments that support its acquisition of G4S plc, according to company documents.

Truist was also added as a bookrunner on the company’s incremental ABL revolver.

As previously reported, Credit Suisse, Morgan Stanley, Deutsche Bank, BNP Paribas, HSBC Securities, Mizuho and Societe Generale are the global coordinators, lead arrangers and bookrunners on the first-lien credit facilities and bridge loans, with Credit Suisse the administrative agent. Deutsche Bank, Credit Suisse, Morgan Stanley, BNP Paribas and HSBC are the global coordinators, lead arrangers and bookrunners for the ABL revolver, and Citibank is the administrative agent.

The debt includes a $950 million seven-year covenant-lite first-lien term loan expected at Libor plus 425 basis points, a €715,447,155 seven-year covenant-lite first-lien term loan expected at Euribor plus 475 bps and a €300 million five-year revolver expected at Libor plus 425 bps with a 50 bps commitment fee.

In addition, there are commitments for a $900 million one-year secured bridge loan 1 expected at Libor plus 500 bps, a $775 million one-year secured bridge loan 2 expected at Libor plus 500 bps, a $1.285 billion one-year unsecured bridge loan expected at Libor plus 725 bps, a €813,008,135 one-year secured bridge loan expected at Euribor plus 475 bps and a £367,647,060 one-year secured bridge loan expected at Libor plus 575 bps.

Pricing on all of the bridge loans will increase by 50 bps every three months until specified caps are reached.

Lastly, the company has a commitment for a $250 million incremental ABL revolver due July 12, 2024.

In place of the bridge loans, the company is expecting to issue $900 million of senior secured notes, $775 million of senior secured notes, €813,008,135 of senior secured notes, £367,647,060 of senior secured notes and $1.285 billion of senior unsecured notes.

Under the agreement, G4S is being bought for 245 pence in cash per share. The transaction is valued at about £3.8 billion.

Closing is expected in the first quarter of 2021.

Allied Universal is a Santa Ana, Calif.-based provider of security services. G4S is a London-based security services company.

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