Allied Security prolongs consent solicitation for 11 3/8% notes

By Jennifer Chiou

New York, June 30 - Allied Security Holdings LLC and Allied Security Finance Corp. announced the extension of the consent solicitation for their 11 3/8% senior subordinated notes due 2011 to 5 p.m. ET on July 7.

The deadline previously was 5 p.m. ET on June 29. The solicitation began on June 16.

The King of Prussia, Pa.-based private security company is seeking consents to amend the note indenture as part of its acquisition of Initial Security, LLC.

Proposed amendments include permitting the company to incur up to $85 million of debt related to the acquisition and modifying the date for an increase to the required fixed-charge coverage ratio.

The company said it will pay a consent fee of $7.50 in cash for each $1,000 principal amount of notes.

Allied Security must obtain consents from a majority of noteholders.

Bear, Stearns & Co. Inc. is the solicitation agent (877 696-2327). D.F. King & Co., Inc. is the information agent (800 488-8095 or call collect 212 269-5550).

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