The Royal Bank of Scotland is leading a refinancing for U.S. Security that will also back the company's $37.4 million acquisition of Cognisa, a subsidiary of U.K.-based, Group 4 Securicor. The facility consists of a $178 million first lien and a $22 million second lien. Pricing on the first lien is LIBOR plus 3 1/2% and pricing on the second is LIBOR plus 6 3/4%. The deal is being syndicated to an existing bank group. The acquisition is being made through an increase of about $35 million on the first lien, a banker said. Commitments were due by last Thursday.
U.S. Security is located in Roswell, Ga., and is a service provider for uniformed, unarmed security guards. It had an EBITDA of about $41 million in 2004. Calls to Paul Etheridge, Cognisa's cfo, were not returned. No one could be reached at U.S. Security.