SpectaGuard to obtain $125 million credit facility

By Sara Rosenberg

New York, Feb. 19 - SpectaGuard Acquisitions LLC is looking to obtain a new $125 million credit facility, according to a company spokesperson. JPMorgan Chase and Bear Stearns are the lead banks on the deal.

The general syndication launch has not occurred as of yet, according to the spokesman, who added that an official date has not been established at this time.

The loan consists of a $105 million seven-year term loan and a $20 million five-year revolver. Interest rates are not being revealed at this time.

Security is all tangible and intangible assets of the company and its domestic subsidiaries, 100% of the capital stock of the company and its domestic subsidiaries and 66% of the capital stock of its foreign subsidiaries.

Proceeds from the bank loan, combined with $50 million of subordinated debt and equity, will be used to finance the planned acquisition of Allied Security by MacAndrews & Forbes Holdings Inc.

SpectaGuard, which operates under the name Allied Security, is a King of Prussia, Pa. provider of contract security services and products.

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