United Site Services to launch $175 million of term loans on Thursday

By Sara Rosenberg

New York, July 18 – United Site Services (USS Ultimate Holdings Inc.) will hold a lender call at 9:30 a.m. ET on Thursday to launch $175 million of incremental term loans, according to a market source.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Jefferies LLC, Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are the lead arrangers on the deal.

The debt consists of a fungible $125 million incremental covenant-light first-lien term loan due Aug. 25, 2024 and a fungible $50 million incremental covenant-light second-lien term loan due Aug. 25, 2025, the source said.

Proceeds will be used to replenish cash funds used for a recent acquisition and to fund two additional acquisitions currently under letters of intent, and about $34 million of the proceeds will be cash added to the balance sheet to support additional near-term acquisition activity.

United Site Services is a Westborough, Mass.-based provider of portable restrooms, temporary fence and related site services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.