Kirkland & Ellis Advises Securitas Direct on its €871.5 Million High-Yield Offering and €50.0 Million Term Loan
Kirkland & Ellis International LLP represented Verisure Holding AB, the parent company of the Securitas Direct group, in its offering of €500,000,000 of its 8.75% senior secured notes, Series A, due 2018, €100,000,000 of senior secured floating rate notes, Series A, due 2018, and €271,500,000 of 8.75% senior secured notes, Series B, due 2018, and amendment and restatement of a senior secured loan as a €50.0 million Series A senior secured term loan. The transactions closed on February 15, 2012. The net proceeds of the offering were used to repay substantially all of the borrowings under a senior secured credit facility entered into as part of the financing of the acquisition of the Securitas Direct group by affiliates of Bain Capital and Hellman & Friedman, which was completed on September 2, 2011.
The Kirkland & Ellis team that advised on the notes offering included London-based partners William Burke and Ward McKimm, and associates Uma Sud and Rodrigo Romero-Hidalgo. Partner Neel Sachdev and associate James Crooks advised on the Series A senior secured term loan. Partners Sophie Allen and Michael Carew and associate Dulcie Sawle Daly advised on the tax aspects of the offering.
Securitas Direct is a leading provider of monitored alarm solutions for residential households and small businesses in Europe. Securitas Direct designs, sells and installs alarms and provides ongoing monitoring services across nine countries in Europe, and has recently begun operations in Latin America. Securitas Direct offers a range of alarm systems with a variety of features, ranging from simple break-in detectors to more complex alarms with premium features, such as sophisticated cameras, home environment monitoring capabilities (smoke, temperature, etc.) and two-way audio communication.
Kirkland & Ellis is a 1,500-attorney law firm representing global clients in complex corporate, secured lending, capital markets, tax, restructuring, litigation and dispute resolution/arbitration, and intellectual property and technology matters. The Firm has offices in London, Chicago, Hong Kong, Los Angeles, Munich, New York, Palo Alto, San Francisco, Shanghai and Washington, D.C.
