March 24, 2017 2:01 PM ET

Construction and Engineering

Company Overview of Modular Space Corporation

Company Overview

Modular Space Corporation, doing business as ModSpace, provides temporary and permanent modular buildings and storage containers. The company offers office trailers, designer series buildings, ground-level offices, portable storage solutions, classrooms, modular complexes, fiberglass enclosures, new custom buildings, and emergency spaces. It also provides steps, decks, and ramps; furniture; insurance services, which include optional commercial general liability and damage waiver options; communications, such as pre-wiring for voice and data; plug and play services, which include utility hookups, HVAC, bottled water delivery, and more; and turnkey services, including project management, desig...

1200 Swedesford Road

Berwyn, PA 19312

United States

Founded in 1986

Phone:

610-232-1200

Fax:

610-232-1205

Key Executives for Modular Space Corporation

Chief Executive Officer and President
Chief Financial Officer
Age: 56
Chief Information Officer and Vice President of Operations
Senior Vice President and General Manager of Canada
Senior Vice President of Us Sales and Marketing
Age: 58
Compensation as of Fiscal Year 2016.

Modular Space Corporation Key Developments

Pre-Packaged Reorganization Plan and Disclosure Statement Approved for Modular Space Holdings, Inc.

The US Bankruptcy Court approved the pre-packaged plan of reorganization and disclosure statement of Modular Space Holdings, Inc. on February 15, 2017. The debtor has filed its pre-packaged plan and disclosure statement in the Court on December 21, 2016. As per the approved plan, Administrative expense claims, Fee Claims, Priority Tax Claims, DIP Facility Claims, U.S. Trustee Fees, Other Priority Claims and General Unsecured Claims against Holdings and Intermediate will be paid in full in cash. Other Secured Claims will either be reinstated or paid in full in cash or will receive the collateral securing the claim. General Unsecured Claims against Modular Space Corporation, Resun ModSpace, Inc., ModSpace Governmental Financial Services, Inc., ModSpace Government Financial Services Canada, Ltd. and Resun Chippewa, LLC will be reinstated. Intercompany Claims will either be reinstated, adjusted or extinguished. Management Agreement Claims of $1.10 million will be subordinated and its payment will be contingent to a qualifying liquidity event. Management Agreement Claims will be paid after payments in full are made General Unsecured Claim holders, New Common Equity Interests and Notes. Existing Equity Interest holders of Holdings will receive 0.88 million new common equity interests amounting to 3% of the new common stock. First Lien Credit Facility Claims will be assumed by the reorganized debtors according to the new credit facility. Note Claims of $410.38 million will recover in the range of 26.10% to 42.10% of the allowed amount. Note Claims will receive 9.12 million new common equity interests. Equity Interests in Intermediate, Modular Space Corporation, Resun ModSpace, Inc., ModSpace Government Financial Services, Inc., ModSpace Financial Services Canada, Ltd. and Resun Chippewa, LLC. The plan will be funded from cash in hand, issue of equity, warrants and right offerings.

Final DIP Financing Approved for Modular Space Holdings, Inc.

The US Bankruptcy Court gave an order to Modular Space Holdings, Inc. and its affiliates to obtain DIP financing on an interim basis on January 18, 2017. As per the order, the US debtor has been authorized to obtain a revolving line of credit in the amount of revolving facility of $768 million. Debtor will also receive term loan being rolled-up of up to $26.26 million. The DIP loan will be provided by group of lenders with Bank of America, N.A. acting as the administrative agent. The US revolving line of credit was provided by Bank of America, National Association ($99 million), Capital One Business Credit Corp. ($20 million), Cit Finance LLC ($25 million), Citizens Asset Finance, Inc. ($37.5 million), Fifth Third Bank ($35 million), HSBC Bank USA, N.A. ($37.50 million), ING Capital LLC ($37.50 million), JPMorgan Chase Bank, National Association ($99 million), PNC Bank, National Association ($35 million), Siemens Financial Services, Inc. ($28.50 million), Webster Business Credit Corporation ($15 million) and Wells Fargo Capital Finance, Inc. ($99 million). The Canadian revolving line and letter of credit was provided by Bank of America Canada ($51 million), HSBC Bank Canada ($12.50 million), JPMorgan Chase Bank, N.A., Toronto ($51 million), Wells Fargo Capital Finance Corporation Canada ($51 million), Citizens Asset Finance, Inc. ($12.50 million), ING Capital LLC ($12.50 million) and Siemens Financial Services, Inc. ($9.5 million). The US revolving line of credit would carry an interest rate of Base Rate plus Applicable Margin of 3.50% for US Base Rate Loans. The LIBOR Loans would carry LIBOR Rate plus Applicable Margin of 4.50%. The Canadian Prime rate loans would mean Canadian Prime rate plus Applicable Margin of 3.50%. The Canadian Base Rate Loans would carry Canadian Base Rate plus Applicable Margin of 3.50%. All the loans will carry an additional 2% in the event of default. Both DIP facilities would mature either on February 28, 2017 or 45 days from the date of interim order or on the date of consummation of the sale of substantially all assets, whichever is earlier. Debtor will pay closing fee, unused line fee and letter of credit fee of 4.50% to the lenders. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $3.50 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.

Interim DIP Financing Approved for Modular Space Holdings, Inc.

The US Bankruptcy Court gave an order to Modular Space Holdings, Inc. and its affiliates to obtain DIP financing on an interim basis on December 22, 2016. As per the order, the US debtor has been authorized to obtain a revolving line of credit in the amount of $55 million and Canadian Debtor has been authorized revolving loan and letter of credit of $6 million out of total revolving facility of $768 million. Debtor will also receive term loan being rolled-up of up to $26.26 million. The DIP loan will be provided by group of lenders with Bank of America, N.A. acting as the administrative agent. The US revolving line of credit was provided by Bank of America, National Association ($99 million), Capital One Business Credit Corp. ($20 million), Cit Finance LLC ($25 million), Citizens Asset Finance, Inc. ($37.5 million), Fifth Third Bank ($35 million), HSBC Bank USA, N.A. ($37.50 million), ING Capital LLC ($37.50 million), JPMorgan Chase Bank, National Association ($99 million), PNC Bank, National Association ($35 million), Siemens Financial Services, Inc. ($28.50 million), Webster Business Credit Corporation ($15 million) and Wells Fargo Capital Finance, Inc. ($99 million). The Canadian revolving line and letter of credit was provided by Bank of America Canada ($51 million), HSBC Bank Canada ($12.50 million), JPMorgan Chase Bank, N.A., Toronto ($51 million), Wells Fargo Capital Finance Corporation Canada ($51 million), Citizens Asset Finance, Inc. ($12.50 million), ING Capital LLC ($12.50 million) and Siemens Financial Services, Inc. ($9.5 million). The US revolving line of credit would carry an interest rate of Base Rate plus Applicable Margin of 3.50% for US Base Rate Loans. The LIBOR Loans would carry LIBOR Rate plus Applicable Margin of 4.50%. The Canadian Prime rate loans would mean Canadian Prime rate plus Applicable Margin of 3.50%. The Canadian Base Rate Loans would carry Canadian Base Rate plus Applicable Margin of 3.50%. All the loans will carry an additional 2% in the event of default. Both DIP facilities would mature either on February 28, 2017 or 45 days from the date of interim order or on the date of consummation of the sale of substantially all assets, whichever is earlier. Debtor will pay closing fee, unused line fee and letter of credit fee of 4.50% to the lenders. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $3.50 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final hearing will be held on January 19, 2017.

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Recent Private Companies Transactions

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