Allied Universal sets roadshow for $1.55 billion two-part notes offering; investor call Friday

By Paul A. Harris

Portland, Ore., June 20 – Allied Universal Holdco LLC commenced marketing $1.55 billion of high-yield notes on a roadshow set to run through Wednesday, according to a syndicate source.

The deal features $500 million of seven-year senior secured notes (B3/B-/BB-) and $1.05 billion of eight-year senior unsecured notes (Caa2/CCC/CCC+).

An investor call is scheduled to begin at 11 a.m. ET on Friday.

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

ING and Raymond James & Associates Inc. are the co-managers.

The notes in both tranches come with three years of call protection and feature three-year 40% equity clawbacks.

The Conshohocken, Pa.-based facilities services provider plans to use the proceeds to pay off debt under its credit facilities and redeem its existing notes.

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