Platinum-Backed Toilet Firm Gets $300 Million in Debt-Swap Deal

Platinum Equity’s United Site Services, which calls itself the largest provider of portable sanitation services, struck a deal with a group of lenders for fresh cash in exchange for better terms on their debt.

• The company raised $300m in the form of loans from some of its creditors, who will exchange their existing holdings into new debt with different terms, it announced in a statement
• USS created a new subsidiary, Vortex Opco LLC, to issue the new debt, which includes:
  • $431m in first-lien, first-out debt
  • $1.66b of first-lien, second-out term loans
  • $125m of first-lien, third-out 8% senior secured notes ...