Allied Universal to price $350 million tap of 6 5/8% secured notes due 2026 in Thursday drive-by

By Paul A. Harris

Portland, Ore., July 9 – Allied Universal Holdco LLC and Allied Universal Finance Corp. plan to price a $350 million add-on to their 6 5/8% senior secured notes due July 15, 2026 in a Thursday drive-by following a late-morning conference call with investors, according to market sources.

Initial price talk is 103.25 to 103.75, a bond trader said.

Credit Suisse Securities (USA) LLC is the left lead bookrunner. Barclays, BMO Capital Markets Corp., BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, SG CIB and Wells Fargo Securities LLC are the joint bookrunners.

ING Financial Markets LLC, PNC Capital Markets LLC, Raymond James & Associates Inc. and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A and Regulation S notes become callable on July 15, 2022 at 103.313.

The Conshohocken, Pa.-based facilities services provider plans to use the proceeds for general corporate purposes.

The original $1 billion issue priced in June 2019. A previous $540 million add-on priced in January 2020.

The Rule 144A add-on notes are to become immediately fungible with existing notes.

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