Troubled bank lends hand to Protection One

Bear Stearns Cos. – the New York investment firm rescued from the brink of collapse Friday by an emergency financial bailout – successfully helped the operating subsidiary of Lawrence-based Protection One Inc. secure a $110.3 million loan of its own.

Protection One worked with Bear Stearns and Lehman Brothers Inc. as joint arrangers and joint bookrunners for the senior unsecured loan, which came from a syndicate of lenders led by Highfields Capital Management and Arlon Group.

Protection One announced the loan after the market close Friday, saying the money would be used to continue its focus on making strategic acquisitions and otherwise building market momentum.

“We are pleased to have completed this financing despite extremely difficult and harsh financial market conditions,” said Richard Ginsburg, Protection One’s president and chief executive officer.

Protection One, based in the I-70 Business Center, 1035 N. Third St. in North Lawrence, provides monitored security services.

The loan’s syndicate of lenders also includes Protection One’s largest shareholders, Quadrangle Group and Monarch Alternative Capital.