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WillScot Announces Upsizing And Pricing of $650 Million Senior Secured Notes Offering
BALTIMORE, Md., June 02, 2020 (GLOBE NEWSWIRE) -- WillScot Corporation (Nasdaq: WSC) (“WillScot”), a specialty rental services market leader providing
About this update from Willscot Holdings Corporation
[{"type":"text","content":"BALTIMORE, Md., June 02, 2020 (GLOBE NEWSWIRE) -- WillScot Corporation (Nasdaq: WSC) (“WillScot”), a specialty rental services market leader providing innovative modular space and portable storage solutions across North America, today announced that its indirect subsidiary Picasso Finance Sub, Inc. (the “Issuer”) has priced its offering of $650 million in aggregate principal amount of 6.125% senior secured notes due 2025 (the “Notes”). WillScot upsized the offering size opportunistically from $500 million to $650 million. WillScot intends to use the offering proceeds, together with funds drawn under WillScot’s fully committed $2.4 billion ABL credit facility, to be entered into at the closing of the Merger (as defined below), to repay all outstanding indebtedness under its existing ABL Facility and Mobile Mini, Inc.’s (\"Mobile Mini\") existing ABL Facility, redeem all of Mobile Mini’s outstanding senior notes, and redeem all of Williams Scotsman International, Inc.’s (“WSII”) senior secured notes due 2022 (collectively, the “Refinancing Transactions”), in connection with WillScot’s pending merger with Mobile Mini (the “Merger” or the “Proposed Transaction”), and to pay fees and expenses related to the Refinancing Transactions and the Merger.\n The Issuer, a wholly-owned subsidiary of WSII, was formed to issue notes to facilitate the Refinancing Transactions in connection with the Merger. If the offering is consummated, the initial purchasers will deposit the gross offering proceeds into an escrow account. Upon consummation of the Merger and the satisfaction of other conditions, the escrowed proceeds will be released to complete the Refinancing Transactions and pay fees and expenses related to the Refinancing Transactions and the Merger. Upon the closing of the Merger, the Issuer will also merge with and into WSII, with WSII continuing as the surviving corporation, and WSII will assume the obligations of the Issuer under the Notes and the indenture governing the Notes. If the Merger is not completed by a specified date or certain other events occur, the Notes will be subject to a special mandatory redemption. The Notes are being offered in a private placement transaction to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities A...