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Garda World to redeem $174.6 million 8¾% notes due 2025 via new notes
By Rebecca Melvin
Concord, N.H., May 17 – Garda World Security Corp. plans to use the net proceeds from an offering of $500 million of new senior notes due 2029 to redeem all of its $174.6 million of 8¾% senior notes due 2025, according to a company news release.
The company has issued a conditional notice of redemption to redeem all of the 2025 notes at a redemption price of 104.375% of par plus accrued and unpaid interest.
The redemption is conditioned on completion of the debt financing.
Garda said it is also using the proceeds of the new notes for general corporate purposes, which may include future acquisitions and to pay related fees and expenses in connection with the notes.
Pending those uses, the company may use the proceeds to repay outstanding amounts on its senior secured revolving credit facility.
The new notes will be guaranteed by each of the company’s existing and future subsidiaries that guarantee its senior secured credit facilities.
Garda World is a Montreal-based provider of business solutions and security services.
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