Case Study
Unlocking Private Company Insights: United Site Services
Octus delivers clarity in the most complex credit situations. Leveraging over a decade of experience, a team of more than 300 experts, and unparalleled access to global private company data, we are the definitive resource for in-depth financial information, legal analysis, and market-shaping news.
Our granular coverage of United Site Services, a leading provider of temporary site services–portable restrooms, hand hygiene solutions, temporary fences, trailer solutions, and roll-off dumpsters–exemplifies the Octus Trifecta’s world-class journalism, and expert legal and financial analysis, including:
- Best-in-class credit memos (20-25 pages) from Private Company Analysis, the industry’s only deep-dive financial research on private companies with high-yield bonds and leveraged loans in the US and EMEA
- Sophisticated legal insights from Covenants Analysis, providing contextualized, relevant analysis into stressed credits and event-driven situations
- Breaking scoops and all the latest market updates from the Octus Credit Intelligence reporting teams
2022
November 15 | Coverage initiation
Octus initiated coverage on United Site Services (USS), identifying that the price of the $2 billion 1L term loan dropped to high 70s, driven by a combination of inflationary pressures on labor and fuel costs, combined with limited acquisition activity. Sources alerted Octus that they expected liquidity sources to continue to dwindle if USS did not flex its capital spending plan and pause its acquisition activity.
December 5 | Covenant analysis
After its Q3 earnings announced that EBITDA had declined 15% YoY, Octus analyzed USS’ first lien credit agreement, including its flexibility based on the recently released earnings.
2024
January 11 | Reporting on liquidity need
After a year of declining EBITDA, changes in executive leadership and ratings downgrades, Octus reported that an ad hoc group of USS lenders organized with Akin Gump to support the company’s liquidity needs.
February 26 | Reporting on Clearlake buying into USS debt
Octus reported that Clearlake Capital Group bought into United Site Services’ debt to become a leading term loan lender.
June 21 | Reporting on potential LME
Octus reported that USS was reportedly in talks with its lenders over a potential liability management transaction, open to all creditors, to increase liquidity and capture discounts.
July 8 | Private company financial analysis
Private Company Analysis published a credit analysis and underlying model for the company, including review of the company, its options going forward given liquidity need and overlevered capital structure, and financial forecasts.
July 9 | Update on potential LME
Octus published an update on USS’ LME, noting that it was likely to be on the aggressive end of the non pro rata spectrum, with a $115 million continuation fund support letter from the sponsor and a $200 million committed equity line.
July 12 | Updated covenant analysis
Covenants Analysis provided an in-depth analysis of United Site Services’ ability to address its deleveraging and liquidity needs through liability management exercises, specifically exploring the company’s flexibility under its term loan agreement to execute priming lien uptier, drop-down, double-dip and pari plus transactions.
August 22 | USS closes non-pro-rata double-dip LME
With support from the vast majority of its capital structure, USS closed several transactions, resulting in:
- Raising $300M of new money to boost liquidity
- Amended financial covenants to increase revolving credit facility access
- Captured discount on participating debt of approximately $154 million
- Extended debt maturities
- Reduced pre-transaction debt obligations by more than $150 million
August 26 | Joint Private Company/Covenant Analysis on USS LME
Private Company Analysis and Covenants published an overview of the United Site Services doubledip transaction, which featured a 15-point economic gap for the term loans held by an ad hoc group compared with non-ad-hoc group lenders, as well as a better new debt mix for the treatment of the unsecured notes held by the two constituencies. The joint analysis covered key terms, covenant implications and forecasts.
September 26 | USS announces closing of recapitalization
United Site Services announced the closing of the final steps of its recapitalization, consisting in the issuance of senior secured first out debt, second out term loans and third out notes, pursuant to privately negotiated transactions and an exchange offer.
2025
Q3’24-Q2’25 | Continuous private company analysis coverage
In the period following the completion of USS’ LME, Octus Private Company Analysis continued to provide updates on the company’s earnings with a view that the company will run out of money later in 2025.
August 8 | Reporting on potential Chapter 11 filing
In line with our Private Company Analysis takeaways, the Octus Credit Intelligence team reported that USS is in talks with Milbank and PJT Partners about a potential restructuring, including a possible Chapter 11 filing.
October 8
United Site Services began operating under forbearance agreement after electing not to pay interest on some debts amid restructuring talks. This was followed by a downgrade in their credit rating to ‘Ca’ by Moody’s, citing belief that liquidity will continue to weaken and default risk will increase.
November 14, December 15 | Updated Private Company Analysis
Based on Q3’25 earnings, Octus Private Company Analysis confirmed our view that the company will have burned through its liquidity by the end of the year and is in talks with Milbank and PJT Partners about a potential restructuring, including a possible Chapter 11 filing.
December 29 | Chapter 11 filing
After months of expectation, United Site Services filed a prepackaged plan and disclosure statement after filing chapter 11 petitions overnight. The restructuring support agreement with its existing lenders aims to reduce net debt by $2.4 billion and inject $1.1 billion in new capital, including a $480 million equity commitment from existing stakeholders, with the company set to emerge under the majority ownership of the ad hoc lender group.
December 30 | First Day Hearing
Octus reported live on the First Day hearing, where Judge Michael Kaplan granted interim approval for United Site Services’ $120 million DIP financing, unlocking $62.5 million of new funds, overruling CastleKnight’s objection. The court also approved the company’s proposed timeline for a confirmation hearing scheduled for February 10, 2026.
December 31 | Octus Credit Intelligence research
Octus provided a summary of the ad hoc group’s aggregate holdings, based on Akin Gump and Pashman Stein’s Rule 2019 statement:
2026
January 15 | Restructuring Treatment Analysis
Octus’ core Credit Intelligence team provided a treatment analysis on the company’s prepackaged restructuring plan, with an exit capital structure upon emergence from Chapter 11.
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