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United Site Services amends revolver, converts debt to equity
By Caroline Salls
Pittsburgh, Jan. 7 - United Site Services has converted more than $400 million in debt to equity, reducing the company's debt by more than 80% and its interest expense by nearly 90%, according to a company news release.
As a result of the restructuring, the terms of United's revolving credit agreement have been amended and restated, and holders of its other obligations have converted their debt into equity.
Equity in the newly restructured company will be majority owned by funds managed by GSO Capital Partners LP and Angelo, Gordon & Co., LLC.
The company said the restructuring strengthens its ability to invest in the business, expand its service offerings and serve a broader customer base.
"United Site Services' financial restructuring positions the company strongly for future growth," president and chief financial officer Terry Moriarty said in the release.
"This will have an immediate positive impact on the company's cash flow and its ability to invest for growth.
"We see demand improving in 2010, and we will now be in a much stronger position than ever to take advantage of that market growth."
United Site is a Boston-based provider of portable restrooms, temporary fence, storage, erosion control, power, sweeping and other site services.
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