Allied Universal Holdco LLC's Proposed Senior Secured Notes Rated 'B'

NEW YORK (S&P Global Ratings) Feb. 1, 2024--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to global security services provider Allied Universal Holdco LLC's proposed senior secured notes due 2031. The company will use the proceeds to repay a portion of its senior secured notes due 2026. The company also plans to upsize its asset-based lending (ABL) facility by $100 million to $1.6 billion and extend the maturity of the ABL and its €300 million revolver to February 2029 and January 2029, respectively. Last year, it extended the maturity of its $300 million U.S. dollar-denominated revolver to November 2027, with a $25 million downsizing effective July 2024. We view these extensions as supportive to its

...February 1, 2024 NEW YORK (S&P Global Ratings) Feb. 1, 2024--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to global security services provider Allied Universal Holdco LLC's proposed senior secured notes due 2031. The company will use the proceeds to repay a portion of its senior secured notes due 2026. The company also plans to upsize its asset-based lending (ABL) facility by $100 million to $1.6 billion and extend the maturity of the ABL and its 300 million revolver to February 2029 and January 2029, respectively. Last year, it extended the maturity of its $300 million U.S. dollar-denominated revolver to November 2027, with a $25 million downsizing effective July 2024. We view these extensions as supportive to its liquidity position. Our ratings on Allied's other debt and on its parent entities (Allied Universal Topco LLC and Atlas Ontario L.P.) are unchanged. The company noted sequentially improving performance in 2023, with strengthening cash generation...

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