Bear Stearns launched syndication last Tuesday of a $260 million facility backing Allied Security's acquisition of Barton Protective Services. The deal comprises a $50 million revolver and $210 million "B" loan. Allied Security Holdings is the issuer of the credit. The financing also includes a seven-year, $175 million high-yield deal. Bankers were waiting for the bonds to price before kicking around pricing on the loan.
The notes will be issued by Allied Security Escrow Corp. and will be assumed by both Allied Security Holdings and Allied Security Finance Corp. at the close of the acquisition, according to Standard & Poor's. Allied Security Holdings will have around $390 million of debt outstanding at close. Ron Perelman'sMacAndrews & Forbes Holdings owns Allied. Bear Stearns bankers and a Barton spokeswoman declined comment. An Allied spokesman did not return calls.