Algeco/Scotsman subsidiary launches scheme to implement exchange offer

By Caroline Salls

Pittsburgh, May 9 – Algeco/Scotsman Holding Sarl subsidiary Algeco Scotsman PIK SA launched an English scheme of arrangement in order to implement the terms of a previously announced exchange offer for its $400 million PIK loan facility, according to a news release.

The company said filings with the appropriate court are expected to occur within a week from Tuesday.

In March, Algeco/Scotsman Holding announced that Algeco Scotsman PIK had secured consents from holders of more than 90% of its pay-in-kind loans to the planned exchange.

The company noted on March 14 that it had received the needed consents, but because holders of less than 100% of the PIK loans participated, it was planning to implement the exchange through an English scheme of arrangement.

The exchange offer and consent solicitation were announced Feb. 3 in a notice issued by Algeco Scotsman Global Finance plc to holders of its $1,095,000,000 8½% senior secured notes due 2018, €275 million 9% senior secured notes due 2018 and $745 million 10¾% senior notes due 2019.

In exchange, holders will receive $95 million in cash and class B limited partnership interests to be issued by a newly formed partnership that will be a direct subsidiary of AS Holding and will hold almost all of the equity interests in Algeco Scotsman Global Sarl.

Algeco Scotsman is a Baltimore-based provider of modular space, secure portable storage solutions and remote workforce accommodation management.

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