Sirva launches loan amendment to extend financial delivery deadlines

By Sara Rosenberg

New York, Sept. 25 - Sirva Inc. held a conference call on Monday to launch an amendment to its credit facility that would extend deadlines for delivering certain financial statements, according to an 8-K filed with the Securities and Exchange Commission Monday.

Under the amendment, the company would have until Jan. 31, 2007 to deliver fiscal 2005 audited financial statements as opposed to Oct. 16. First and second quarter 2006 statements would be due Dec. 31 instead of Nov. 16. The third quarter 2006 statement would be due Jan. 31, 2007 instead of Dec. 15 and the fourth quarter 2006 statement would be due April 6, 2007, which is unchanged. And, fiscal 2006 audited statements would be due June 30, 2007 as opposed to April 6, 2007.

JPMorgan is the administrative agent on the deal.

In addition, the company announced that it has entered into an agreement with ValueAct Capital to provide $60 million of new capital and MLF Investments to provide $15 million of new capital.

Proceeds from the new capital will be used to repay $30 million of term loan B debt and for general corporate purposes.

Sirva is a Westmont, Ill.-based relocation services provider.

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