Benchmark prior transactions, bonds, loans or company profiles using over 300 credit metrics.

Comparables

AI transcripts & instant analysis, making earnings season easier than ever.

Earnings

Say goodbye to CTRL + F with our powerful search. Thousands of documents text searchable for any keyword or phrase.

Search

A full suite of ESG data and analysis. Built for your workflow

Spot undervalued credits and potential future restructurings with our purpose-built tools.

Distressed and Restructuring

We use AI to aggregate newsflow from 2,000 sources, and deliver it to your inbox quicker than anyone else.

News

Full Financial profiles with 3 statements, KPIs, segment splits & credit metrics. All traced to source documents.

Financials

New deal analysis and covenant comparison tools, understand key risks in seconds not days.

Covenants

We've successfully predicted more than 65 price sensitive events - before they happened.

Deal predictions

Track high yield deals from issuance through to maturity, with integrated legal, credit and ESG analysis.

High Yield Bonds

Shine a light on private markets with 9fin's news and legal analysis of syndicated loans

Leveraged Loans

21st century tech and expert analysis to help CLO teams make informed decisions faster.

Structured Credit 

Find information others can't see in one of the fastest growing corners of finance

Private Credit 

Anna Russi

Moving services company Sirva Worldwide yesterday announced it completed a restructuring that centered around ceding ownership to a group of funds included those managed by KKR, Evolution, and BlackRock.

Most of the company’s debt is coming due in 2025, which triggered the need for lenders to take an equity position, Michael Guarnier, managing partner at Evolution, told 9fin via email. The maturities include a secured revolver, first lien term loan, senior secured notes, and securitization facility, various public disclosures and rating agencies show.

The transaction had the support of the company’s previous private equity sponsor Madison Dearborn Partnersand guaranteed new liquidity that strengthen Sirva’s balance sheet, according to a press release.

“Having the support of these experienced investors positions us to capitalize on the tremendous opportunity we see ahead for our business and enables us to continue enhancing growth in our industry-leading mobility businesses,” Tom Oberdorf, company CEO, said in the release.  

Sirva's operational and leadership teams remain in place and will continue to focus on performance.

Restructurings are becoming more frequent among sponsor-backed companies with upcoming debt maturities in a higher interest rates environment, 9fin reported earlier this year. Private lenders taking control of distressed companies is also increasing. For example, a group of lenders assumed ownership of Specialty Dental in May and Imperial Optical handing control to Golub Capital last quarter.

Sirva has been struggling with a heavy debt burden for a few months, pressured by high mortgage rates, low volumes of corporate relocation, low US home sale values, and weak performance. In April, the company raised between $70m to $80m in debt already anticipating a broader restructuring, as reported by 9fin here and here.

In September 2023, Sirva had $113.7bn of liquidity, consisting of $93.7m of cash balance and roughly $20m of availability under its revolvers, according to a note from Moody’s in February.

KKR and Madison Dearborn declined to comment. A representative for BlackRock did not respond to a request for comment.

Explore our news and analysis for our latest scoops and in-depth analysis.

Sirva completes restructuring and hands control to lenders

Alessandro Albano

European LevFin Wrap — Kicking the can down to October

Owen Sanderson

Excess Spread — Horsing around, greener pastures, whatever it takes

Jemima Denham

Taking the Credit — Clubbing in Paris

Michelle D'Souza

Sam Robinson

Shenkman at the vanguard of CBO revival amid rate expectations

Turbocharge your trading desk P&L, with the market's fastest news alerts.

Sales & Trading

Save time, react faster to news, outperform your peers.

Asset Managers & Hedge funds

Save time, pitch more efficiently, and win business.

Investment Banks

Spot novel covenants, save time drafting and win business.

Sirva completes restructuring and hands control to lenders

Read all our public content for free

Recently Published

European LevFin Wrap — Kicking the can down to October

Excess Spread — Horsing around, greener pastures, whatever it takes

Taking the Credit — Clubbing in Paris

Shenkman at the vanguard of CBO revival amid rate expectations

What are you waiting for?

Cookies & Privacy