United Site lifts term B to $2 billion, flexes to Libor plus 425 bps

By Sara Rosenberg

New York, Nov. 4 – United Site Services (PECF USS Intermediate Holding III Corp.) upsized its seven-year term loan B (B2/B-) to $2 billion from a revised amount of $1.8 billion and an initial size of $1.25 billion, according to a market source.

Additionally, pricing on the term loan was reduced to Libor plus 425 basis points from revised talk of Libor plus 450 bps and initial talk in the range of Libor plus 450 bps to 475 bps, the source said.

Also, the original issue discount talk on the term loan was changed to a range of 99.5 to 99.75 from revised talk in the range of 99 to 99.5 and initial talk of 99, and then finalized at 99.75.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

BofA Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Barclays, Deutsche Bank Securities Inc. and Jefferies LLC are the arrangers on the deal.

Proceeds will be used to help fund the acquisition of the company by a Platinum Equity Continuation Fund, to refinance existing debt, and to pay certain fees, commissions and expenses related to the transaction.

Other funds for the transaction will come from $550 million of senior unsecured notes, downsized from $750 million with the latest term loan upsizing. The prior upsizing was done when the company canceled plans for a $550 million senior secured notes offering.

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.