Williams Scotsman to repay bank debt with stock sale proceeds

New York, May 1 - Williams Scotsman International, Inc. said it plans to repay part of its bank borrowings with proceeds form a planned sale of common stock.

Under the proposed offering, the Baltimore-based provider of mobile and modular space will sell up to 2,101,724 shares and selling stockholders will sell 5,254,276 shares.

Selling stockholders include related parties of The Cypress Group LLC and Keystone Group, LP and some members of senior management including chief executive officer Gerard Holthaus.

The selling shareholders will make available a greenshoe for 1,103,400 shares.

Citigroup Corporate and Investment Banking, CIBC World Markets Corp. and Lehman Brothers Inc. are bookrunners.

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