WillScot announces $500M senior secured notes offering

WillScot (WSC) Holdings announced that its indirect subsidiary Williams Scotsman plans to offer, subject to market and other conditions, $500.0 million aggregate principal amount of senior secured notes due 2030. The Notes will be WSI’s general second lien senior secured obligations, guaranteed on a senior secured basis by each of WSI’s direct and indirect domestic subsidiaries that guarantees WSI’s obligations under the existing asset-based revolving credit facility and WSI’s direct parent, Williams Scotsman Holdings Corp. In connection with this offering, we intend to issue a notice of full conditional redemption providing for the redemption of all of WSI’s outstanding 6.125% senior secured notes due 2025 at a redemption price equal to 100.00% of the principal amount of the 2025 Notes outstanding, totaling $526.5 million, plus accrued and unpaid interest to, but excluding, the redemption date. Redemption in full of the 2025 Notes will be conditioned on the receipt by WSI of proceeds from a completed debt financing in an amount, together with cash on hand, sufficient to fund the aggregate Redemption Price. WSI intends to use the net proceeds of the offering, together with approximately $33.0 million of anticipated additional borrowings under the existing asset-based revolving credit facility, to finance the Redemption, and to pay related fees and expenses.