Allied Universal lifts incremental term loan amount to $450 million

By Sara Rosenberg

New York, May 4 – Allied Universal upsized its non-fungible incremental covenant-lite first-lien term loan B due May 14, 2028 to $450 million from $400 million, according to a market source.

Pricing on the term loan remained at SOFR plus 475 basis points with a 0.5% floor and an original issue discount of 97.

The term loan still has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Recommitments were scheduled to be due at 1 p.m. ET on Thursday, the source added.

Proceeds will be used to refinance existing ABL and revolving credit facility borrowings and to pay fees, expenses and original issue discount associated with the transaction.

The borrowers are Allied Universal Holdco LLC and Atlas LuxCo4 Sarl.

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

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