...May 7, 2024 This report does not constitute a rating action. NEW YORK (S&P Global Ratings) May 7, 2024--S&P Global Ratings today said Allied Universal Holdco LLC's proposed incremental term loan due in 2028 and add-on senior secured notes due in 2031 are modestly credit positive and ease capital structure risk. The company will use the proceeds to repay its nonfungible incremental term loan due in 2028 and redeem a portion of its $945 million outstanding senior secured notes due in 2026, improving its maturity profile. The proposed transactions follow its February 2024, senior secured notes due in 2031, which were used to redeem about $1 billion of the same series of notes. All our ratings on Allied are unchanged. The company's recent performance is mostly in line with our expectation with non-billable overtime and turnover continuing to trend favorably. Meanwhile, Allied's recently elevated client attrition rate primarily reflects loss of less profitable clients, which we think will have...
