United Site Services sets roadshow for $1.3 billion two-part notes

By Paul A. Harris

Portland, Ore., Oct. 26 – PECF Intermediate Holding III Corp. is in the market with a $1.3 billion two-part offering of high-yield notes backing the acquisition of United Site Services Co. (USS) by Platinum Equity, according to market sources.

The deal features a $550 million tranche of seven-year senior secured notes (expected ratings B2/B-) with initial guidance in the low-to-mid 5% area.

It also features a $750 million tranche of eight-year senior unsecured notes (expected ratings Caa2/CCC) with initial guidance in the high 7% area to 8%.

An investor call is scheduled for 11 a.m. ET on Monday.

The roadshow runs through Nov. 4.

BofA Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays, Deutsche Bank Securities Inc. and Jefferies LLC are the joint bookrunners.

Notes in both tranches of the Rule 144A and Regulation S offering become callable after three years at par plus 50% of the respective coupons.

Proceeds will be used to fund the acquisition of USS by a Platinum Equity continuation fund and to refinance debt.

USS is a Westborough, Mass.-based portable toilet rental company.

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