Algeco/Scotsman restates facility to expand revolver by $115 million

By Marisa Wong

Madison, Wis., Dec. 19 - Algeco/Scotsman Holding Sarl announced that some of its U.S., Canadian, U.K., Australian and New Zealand subsidiaries entered into an amended and restated revolving syndicated facility agreement on Thursday with Bank of America, NA as collateral agent and administrative agent.

The credit agreement amends and restates the revolving syndicated facility agreement dated Oct. 11, 2012.

The facility agreement provides for an upsizing of the credit facility by up to $500 million. Any increase can take the form of incremental increases in the revolving commitments and/or incremental term loans.

According to a press release, the borrowers entered into an incremental revolving credit facility that increases total revolving commitments under the credit agreement by $155 million.

The amendment also adds Algeco/Scotsman's subsidiary, Target Logistics Management, LLC, and its subsidiaries as borrowers, and their assets will be included in the borrowing base calculations.

In addition, the restated credit agreement increases the basket for capital leases and sale leasebacks to €50 million from €35 million and modifies several commitment size thresholds, including triggers for a borrowing base test event, a cash dominion event and a financial covenant test event.

Algeco/Scotsman is a business services provider based in Baltimore.

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