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Allied Universal Closes $1 Billion Notes Offering and Cash Tender Offer
- Client News
- February 16, 2024
Paul, Weiss represented private security and staffing company Allied Universal in its upsized offering of $1 billion aggregate principal amount of 7.875% senior secured notes due 2031 in a private offering. Allied Universal entered into amendments to its Euro-denominated revolving credit facility and its asset-based lending credit facility. The joint bookrunning managers for the notes offering were led by Morgan Stanley.
Allied Universal used the net proceeds from the offering, together with cash on hand, to repurchase approximately $995 million aggregate principal amount of its outstanding 6.625% senior secured notes due 2026 and pay fees and expenses in connection with the financings.
The Paul, Weiss team was led by corporate partners Eric Wedel, Brian Janson, Luke Jennings and Ben Steadman, and included partner Stefan Arnold-Soulby; intellectual property partner Claudine Meredith-Goujon; tax partner Robert Holo and counsel Patrick Karsnitz; and executive compensation counsel Jake Glazeski.