United Site Services announces a restructuring of its debt obligations that significantly strengthens its balance sheet.
Online PR News – 16-November-2009 – – Westborough, MA - November 16, 2009 - United Site Services, a leading provider of temporary services to the construction, special events and disaster relief markets, announced today an agreement in principle with its main lender groups and certain of its equity holders regarding a restructuring of its debt obligations.
Under the terms of the agreement, holders of the Company’s Term Loan and Mezzanine Debt have agreed to convert their entire investment into equity. In addition, the Company’s Revolving Credit Agreement, as amended and restated would remain in place. This will effectively reduce the Company’s debt by over 80% and reduce its interest expense by nearly 90%, and as a result, would strengthen the Company’s ability to invest in the business, expand its service offerings and serve a broader customer base. Assuming the conditions to the restructuring are satisfied, the restructuring is expected to be completed by the end of this year.
"United Site Services’ financial restructuring will put the company on strong financial footing for the future," said Terry Moriarty, President and CFO. “Our industry has been significantly impacted by a drop in demand from all segments during the recent recession. We see that beginning to turn around in 2010, and we will now be in a much stronger position than ever to take advantage of that market growth.” added Moriarty.
About United Site Services
United Site Services (USS) is a leading provider of portable restrooms, temporary fence, storage, erosion control, power, sweeping and other site services. Based in Boston, USS has more than 50 branch locations with 1,300 employees nationwide. Founded in 1999, USS has experienced significant growth through strong operational performance and aggressive acquisitions of proven local providers. Customer segments include commercial, residential and infrastructure construction; agriculture; oil and gas; special events; Federal, State and Local governments; military; and commercial establishments. For more information, visit www.unitedsiteservices.com.