News Story

United Site Services Positions for Growth with New Capital Structure

Westborough, Massachusetts January 4, 2010

United Site Services, a leading provider of temporary services to the construction, special events and disaster relief markets, announced today the conversion of more than $400 million in debt to equity. 

As a result of the restructuring the terms of the Company’s Revolving Credit Agreement have been amended and restated.  Holders of the Company’s other obligations have converted their debt into new equity.  This will effectively reduce the Company’s debt by over 80% and reduce its interest expense by nearly 90%, and as a result, strengthens the company’s 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," said Terry Moriarty, President and CFO.  “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.” added Moriarty. 

The company has grown in the past via acquisition, deployment of the industry’s largest sales force and expanding the services it offers to include temporary fence, storage containers and temporary power.   Its construction industry customers include the largest residential, non-residential and infrastructure builders as well as construction management firms.  Special events the company services include the Susan G Komen 3 Day Walks for the Cure and Avon Walks for Breast Cancer nationwide and NASCAR races from coast to coast.

Equity in the newly restructured company will be majority owned by funds managed by GSO Capital Partners LP and Angelo, Gordon & Co., LLC or their affiliates.

About United Site Services

United Site Services (USS) is the largest provider of portable restrooms, temporary fence, storage, erosion control, power, sweeping and other site services.  Based in Boston, USS has more than 50 branch locations with 1,500 employees nationwide.  Founded in 1999, USS has experienced unprecedented growth through excellence and aggressive acquisitions of proven local providers.  Customer segments include commercial, residential and infrastructure construction; agriculture; oil and gas; special events; Federal, State and Local governments; military; and commercial establishments. For information, visit www.unitedsiteservices.com.