Sirva looks to amend loan to extend financial statements deadlines

By Sara Rosenberg

New York, March 17 - Sirva Inc. is talking to lenders about amending its credit facility so as to extend the deadlines for providing financial statements for all of the 2005 reporting periods and the first three quarters of 2006, according to an 8-K filed with the Securities and Exchange Commission Friday.

The company is asking to delay until May 15 the delivery of first, second and third quarter 2005 financial statements and the 2006 operating budget and cash flow, to delay until Aug. 15 the delivery of full-year audited financial statements, to delay until Oct. 16 the delivery of first and second quarter 2006 financial statements, and to delay until Dec. 15 the delivery of third quarter 2006 financial statements.

In return for the filing extensions, pricing on all loans will be increased to Libor plus 450 basis points from the amendment effective date until first, second and third quarter 2005 financial statements are delivered.

In addition, the company will request certain technical amendments and consent to sell its Business Services Division in the United Kingdom and Ireland.

The sale of the Business Services Division will generate about $50 million of net cash proceeds that will be used to repay existing term loan debt.

An amendment fee of 25 bps will be paid to consenting lenders.

Consents are due on March 23.

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

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