LEVERAGED LOANS

摘要

Security services company universal services of America launched a US$1.21bn deal that backs Warburg Pincus's acquisition of the company, along with the acquisition of Guardsmark. Credit Suisse leads the facility, which includes a US$760m seven-year first-lien term loan and a US$320m eight-year second-lien term loan. A US$130m revolver rounds out the deal. The first-lien term loan is split between a US$710m funded portion and a US$50m delayed-draw portion, while the second-lien tranche comprises a US$300m funded portion and a US$20m delayed-draw portion. Guidance on the first-lien tranche opens in the 375bp-400bp over Libor range with a 1% floor and a discount of 99. Pricing on the second-lien facility is guided at 775bp-800bp with a 1% floor and a 99 discount. The first-lien loan will have six months of soft call protection at 101, while the second-lien loan's call protection will be structured as 102/101.