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Allied Universal on roadshow for $2.96 billion notes in three parts
By Paul A. Harris
Portland, Ore., April 29 – Allied Universal started a roadshow on Thursday for a $2.96 billion three-part offering of high-yield notes backing its acquisition of London-based security services provider G4S, according to market sources.
The deal features $1.675 billion of secured paper in two tranches: Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas LuxCo 4 Sarl $900 million seven-year senior secured notes and Atlas LuxCo 4 Sarl/Allied Universal Holdco LLC/Allied Universal Finance Corp. $775 million seven-year senior secured notes.
The notes in both secured tranches are in the market with initial guidance in the high 4% to 5% area.
The sole unsecured offering, via Allied Universal Holdco LLC/Allied Universal Finance Corp., features $1.285 billion of eight-year senior notes with initial guidance in the mid-to-high 6% area.
The notes in all three tranches become callable after three years at par plus 50% of the respective coupons.
Both tranches of secured notes feature special call provisions allowing the issuer to redeem 10% of the notes annually at 103 during the non-call periods.
The Rule 144A and Regulation S deal, which was set to kick off on a Thursday conference call with investors, is expected to price during the May 3 week.
Credit Suisse Securities (USA) LLC is the left bookrunner. Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SG Americas Securities LLC, ING Financial Markets LLC, MUFG and Truist Securities Inc. are the joint bookrunners.
The Santa Ana, Calif.-based provider of security services plans to use the proceeds to pay off the bridge loan used, along with cash on hand and certain equity contributions, to fund the G4S acquisition.
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