Garda World Security completes $700M term loan wide of talk; terms

Investors have received allocations of the $700 million, seven-year first-lien term loan for Garda World Security Corp. that priced wide of talk at a spread of 425 basis points over the secured overnight financing rate, with a 0% floor and an original issue discount of 99 via lead arranger J.P. Morgan, according to sources. The term loan freed to a 99.125/99.625 market. Proceeds from the deal will be used to finance the company's acquisition of Tidel Engineering LP from Littlejohn & Co.

Montreal-based Garda World Security, backed by BC Partners, is a global provider of security services, cash logistics and risk consulting services.

Terms:

* Article amended at 1:56 p.m. ET on Feb. 17, 2022, to update arrangers.