Allied Universal to price $540 million tap of 6 5/8% notes due 2026 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Jan. 29 – Allied Universal Holdco LLC and Allied Universal Finance Corp. plan to price a $540 million add-on to the UNSEAM 6 5/8% senior secured notes due July 15, 2026 in a Wednesday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial price talk is 105.25 to 105.75, according to a bond trader.

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

ING Financial Markets Inc., PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Raymond James & Associates 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, together with cash on hand, to pay off its ABL facility, which will remain available for future borrowings.

The original $1 billion issue priced in June 2019.

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