Allied Universal’s tender offer for 6 5/8% notes receives 87.07% response

Chicago, Feb. 26 – Allied Universal Holdco LLC and Allied Universal Finance Corp. reported a response from holders representing 87.07% of its $1.94 billion outstanding 6 5/8% senior secured notes due 2026 (Cusips: 019576AA5, U0201TAA8), according to multiple press releases.

Holders tendered $1,689,091,000 of the notes against a cap of $1 billion. The maximum aggregate consideration, or the cap, was doubled from where it started at $500 million on Feb. 5.

The acceptance amount will reflect a 58.9% proration because the cap was exceeded.

Investors were being offered $1,005 per $1,000 note, plus interest, to the settlement date. The amount was increased by $5 from par when the cap was doubled. The consideration included a $30 early tender premium.

The offer started Feb. 1.

The early deadline was 5 p.m. ET on Feb. 14, also the withdrawal deadline.

Early settlement was Feb. 16.

Technically, the offer ends at 11:59 p.m. ET on Feb. 29.

Financing for the tender offer came from a new offering of notes which closed on Feb. 16.

The tender offer was conditional on the closing of the new offering.

Global Bondholder Services Corp. (212 430-3774, contact@gbsc-usa.com) is the information and tender agent .

Morgan Stanley & Co. LLC (212 761-1057, 800 624-1808) was the sole dealer manager.

Allied Universal is a Santa Ana, Calif.-based provider of security services.

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