Allied Universal launches incremental loan, upsizes to $175 million

By Sara Rosenberg

New York, Aug. 9 – Allied Universal Holdco LLC (Atlas LuxCo Sarl) launched a fungible incremental covenant-lite first-lien term loan due May 11, 2028 in the morning with a size of $100 million and then upsized the loan to $175 million in the early afternoon, according to a market source.

Pricing on the incremental term loan is SOFR plus 475 basis points with a 0.5% floor, an original issue discount of 97 and 0 bps CSA.

The incremental term loan has amortization of 1% per annum and the same call protection as the existing term loan, the source said.

Expected term loan ratings are B3/B.

Morgan Stanley Senior Funding Inc. is the sole bookrunner on the deal.

Commitments were scheduled to be due at 1 p.m. ET on Wednesday, the source added.

Proceeds will be used to repay existing euro revolving credit facility borrowings and to pay related fees and expenses.

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

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