United Road to launch $320 million credit facilities on Wednesday

By Sara Rosenberg

New York, Oct. 3 – United Road Services Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch $320 million of credit facilities, according to a market source.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are the arrangers on the deal.

The facilities consist of a $60 million ABL revolver and a $260 million seven-year covenant-light first-lien term loan, the source said.

Included in the term loan is a 1% Libor floor, 101 soft call protection for six months and amortization of 3% per annum.

Commitments are due at 5 p.m. ET on Oct. 18, the source added.

Proceeds will be used to help fund the buyout of the company by the Carlyle Group from Charlesbank Capital Partners LLC.

United Road is a Romulus, Mich.-based provider of vehicle transport and logistics.

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