WillScot Mobile Mini Announces Pricing of $500 Million Senior Secured Notes Offering
PHOENIX, Aug. 11, 2020 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings Corp. (WillScot Mobile Mini or the Company) (Nasdaq: WSC), a North American leader in turnkey modular space and portable storage solutions, today announced that its indirect subsidiary Williams Scotsman International, Inc. (the WSII) has priced its offering of $500 million in aggregate principal amount of 4.625% senior secured notes due 2028 (the Notes). WillScot Mobile Mini intends to use the offering proceeds to redeem all $441 million in aggregate principal amount remaining outstanding of WSIIs 6.875% senior secured notes due 2023 (the 2023 Notes), after giving effect to the redemption of 10% of the aggregate principal amount of the 2023 Notes, as announced on July 27, 2020. The remaining net proceeds from the offering, if any, will be used for working capital and general corporate purposes (which may include a repayment of a portion of WSIIs existing ABL credit facility).
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 Act), and outside the United States in accordance with Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell any security and shall not constitute an offer to sell or the solicitation of any offer to buy any security in any jurisdiction in which such offer or solicitation would be unlawful.
WillScot Mobile Mini expects the offering to close on August 25, 2020, subject to customary closing conditions. Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words estimates, expects, anticipates, believes, forecasts, plans, intends, may, will, should, shall, outlook and variations of these words and similar expressions (or the negative thereof) identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to a number of risks, uncertainties, including the impacts of the COVID-19 pandemic, assumptions and other important factors, many of which are outside the Companys control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These forward-looking statements are only estimates, assumptions and projections and involve known and unknown risks and uncertainties, many of which are beyond the control of the Company. Important factors include: the Companys ability to manage growth and execute its business plan the risks and costs associated with the integration of the WillScot Corporation and Mobile Mini Inc. businesses; the Companys estimates of the size of the markets for its products the rate and degree of market acceptance of its products the success of other competing modular space and portable storage solutions that exist or may become available rising costs adversely affecting its profitability (including cost increases resulting from tariffs) general economic and market conditions impacting demand for its products and services the Companys capital structure, levels of indebtedness and availability of credit the ability to retain and hire key personnel and uncertainties arising from leadership changes the ability to implement and maintain an effective system of internal controls potential litigation involving the Company implementation of tax reform the changes in political conditions in the U.S. and other countries in which the Company operates, including U.S. trade policies and such other risks and uncertainties described in the periodic reports the Company files with the SEC from time to time including the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 2, 2020 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020 and June 30, 2020, which were filed with the SEC on May 6, 2020 and August 10, 2020, respectively and are available through the SECs EDGAR system at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made, and the Company assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. About WillScot Mobile Mini Holdings Corp.
WillScot Mobile Mini Holdings Corp. trades on the Nasdaq stock exchange under the ticker symbol WSC. Based in Phoenix, Arizona, WillScot Mobile Mini is a North American leader in turnkey modular space and portable storage solutions. It was formed in 2020 upon the merger of leaders in the modular space and portable storage markets. Together the WillScot and Mobile Mini brands operate approximately 275 locations across the United States, Canada, Mexico, and the United Kingdom with a combined fleet of over 350,000 portable offices and storage containers. They lease turnkey office space and storage solutions for temporary applications across a diverse customer base in the commercial and industrial, construction, retail, education, health care, government, transportation, security and energy sectors. They create value by enabling customers to add space efficiently and cost-effectively when the solution is perfect, productivity is all the customer sees. Contact Information
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