Garda World Security Corporation

Garda World Security Corporation

March 12, 2012 08:00 ET

Garda Completes C$275 Million Refinancing

The company's objective is to support its continuous internal growth and acquisition strategy

MONTREAL, QUEBEC--(Marketwire - March 12, 2012) - Garda World Security Corporation ("Garda") (TSX:GW) announced today it has successfully completed the refinancing of its existing credit facilities. The new bank financing extends the maturities to 2015 and 2016 providing reduced interest rates and lower capital repayments. More importantly, it gives the company better availability of resources to support its organic growth and bolt-on acquisition strategy.

"We have already added sales of more than C$140 million this year and our pace of growth is expected to continue throughout calendar 2012," says Patrick Prince, Senior Vice-President and CFO. "With this enhanced capital structure along with our continued deleverage strategy, Garda is now positioned to focus on the growth we enjoy in all our markets and more particularly in US Cash Logistics and Emerging Markets. Our focus is on what we do best: closing sales, integrating new business into our operations and achieving even greater efficiencies. We strive to be the best operator in our industry."

The new credit facility of C$275 million consists in a C$100 million revolving credit facility; C$65 million three-year term loan with quarterly repayments and a C$110 million four-year term loan to be repaid at maturity. Proceeds will be used to repay the existing credit facilities and provide additional availability to support growth in all operations and geographies.

TD Securities led the refinancing comprising a select group of Canadian and international financial institutions. Along with TD Securities, GE Capital and Desjardins Capital Markets acted as Co-lead Arrangers and Syndication Agents and Caisse de dépôt et placement du Québec acted as Documentation Agent for the transaction.

As previously disclosed, Garda is expecting an operating profit of C$145 million for C2012 (Fiscal 2013).


Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Garda's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which Garda believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the company, they may prove to be incorrect. The company cautions the reader that the current adverse economic conditions make forward-looking information and the underlying assumptions subject to greater uncertainty and that, consequently, they may not materialize, and the results may significantly differ from the company's expectations. It is impossible for Garda to predict with certainty the impact that the current economic downturn may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to materially differ from what Garda currently expects. These factors include growth management, market competition, cost of financing, government regulations, collective bargaining, currency fluctuations, credit risk, reputational risk and financial covenants risk, many of which are beyond the company's control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date.


Garda (TSX:GW) is a global provider of security solutions, cash logistics and global risk consulting. With headquarters in Montreal, Canada, the firm's 45,000 dedicated professionals, among the most highly qualified and best-trained in the industry, serve clients in countries throughout North America, Europe, Latin America, Africa, Asia, and the Middle East. Garda works with clients in a broad range of sectors and industries including financial institutions, retailers, manufacturers, insurance companies, governments, humanitarian relief organizations and the natural resources, construction and telecommunications. The company's decentralized management philosophy and structure encourages employees to be entrepreneurial and performance-driven in their approach to client service and the pursuit of excellence in all they do. Garda's global experts take the time to fully understand their clients' business goals and objectives in order to customize solutions with strong local engagement that meet their needs. As a result, clients can improve operational performance, meet their business obligations, and achieve their corporate objectives. With proven experience and a commitment to ensuring the highest ethical standards in everything the Corporation does, Garda has earned a reputation for integrity, leadership and uncompromising safety standards. Most importantly, businesses, governments, and individual clients place their trust in Garda.

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