Allied Universal sets talk on $950 million, €715.5 million term loans

By Sara Rosenberg

New York, April 22 – Allied Universal launched on Thursday its $950 million seven-year covenant-lite first-lien term loan B (B2/B/BB-) and €715.5 million seven-year covenant-lite first-lien term loan B (B2/B/BB-) with price talk of Libor/Euribor plus 375 basis points to 400 bps with an original issue discount of 99, according to a market source.

The U.S. term loan has a 0.75% Libor floor, and the euro term loan has a 0% floor, the source said.

Both term loans have 101 soft call protection for six months and amortization of 1% per annum.

Credit Suisse, Morgan Stanley, Deutsche Bank, BNP Paribas, HSBC Securities, Mizuho, Societe Generale, ING Capital LLC, MUFG and Truist Securities are the bookrunners on the deal, with Credit Suisse the left lead and agent.

Commitments are due at 5 p.m. ET on May 4 for the U.S. loan and at noon ET on May 4 for the euro loan.

Proceeds will be used to help fund the acquisition of G4S plc for 245 pence in cash per share. The transaction is valued at £3.8 billion.

Warburg Pincus and CDPQ are the sponsors.

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

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