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Allied Universal Closes $1.6 Billion Refinancing
- Client News
- May 22, 2024
Paul, Weiss represented private security and staffing company Allied Universal in its private tack-on offering of $500 million aggregate principal amount of 7.875% senior secured notes due 2031. The joint bookrunning managers for the offering were led by Morgan Stanley.
Concurrently with the closing of the offering, Allied Universal amended its existing U.S. dollar-denominated term loan facility to incur $1.1 million of incremental term loans. Allied Universal used the net proceeds from the offering and bank amendment, together with cash on hand, to repurchase a portion of its outstanding 6.625% senior secured notes due 2026, repay term loans and loans outstanding under its asset-based lending facility, and pay related fees and expenses.
The Paul, Weiss team was led by corporate partners Eric Wedel, Luke Jennings and Ben Steadman, and included partner Stefan Arnold-Soulby and counsel Lyudmila Bondarenko and David Sobel; intellectual property partner Claudine Meredith-Goujon; tax partner Robert Holo and counsel Patrick Karsnitz; and executive compensation counsel Jake Glazeski.