CB URS Holdings: IIQ 2022
October 12, 2022
CB URS Holdings is the legal name for United Road Services, a vehicle logistics company. These are the people who the cars to your dealership, amongst other things. The company has been owned by the Carlyle Group since 2017.
Back at the beginning of the pandemic when nobody was allowed outside and commercial activity slowed down sharply, we downgraded the company to CCR 3 on seeing a lower valuation in the IQ 2020 from the only BDC lender: CION Investment (CION). However, the company seemed to improve - as did the valuations from IIIQ 2022 - so we upgraded the rating back to CCR 2.
However, in the IQ 2022 CION discounted its $15.2mn first lien loan due in 2024 by (13%). That's enough in our system to justify returning the company to the underperformers list, which we did - again with a CCR 3 rating. In the IIQ 2022, the discount increased to (18%), reaffirming our decision.
Rather than re-invent the wheel, let's copy what we wrote in our Credit Notes in the Company File about the company: