Fitch rates Garda World notes B-/RR6

Fitch Ratings said it assigned a B-/RR6 rating to Garda World Security Corp.'s add-on offering of $125 million in 8¾% senior unsecured notes due 2025.

The issuer default rating is B+ and the outlook is stable.

The new notes rank pari passu with and form part of a single class with the company’s initial $500 million aggregate principle amount of 8¾% senior notes due 2025.

As such, the new notes will be guaranteed on an unsecured basis by each of Garda’s existing and future restricted subsidiaries that also guarantee the company's secured credit facility.

Proceeds will be used to repay $20 million of outstanding debt under the company’s revolving credit facility, which was incurred to finance a recent acquisition, and to pay fees and expenses related to this offering. Remaining proceeds will be used for general corporate purposes (which may include acquisitions).

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