Algeco/Scotsman completes restructuring of PIK loan

New York, June 23 – Algeco/Scotsman Holding Sarl said its Algeco Scotsman PIK SA subsidiary completed the restructuring of its $400 million PIK loan facility.

The transaction was carried out under an English scheme of arrangement, which commenced on May 8.

Algeco Scotsman received the sanction of the High Court in London on Thursday and the effective date was Friday.

Lenders representing 98.97% of the PIK loan supported the scheme of arrangement.

The company carried out the restructuring under a scheme of arrangement because holders of less than 100% of the PIK loans participated in an earlier exchange offer.

Having fallen short of the participation needed for a voluntary transaction, the exchange was instead implemented through the scheme of arrangement.

As previously announced, in exchange for the PIK loans, 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 Algeco/Scotman 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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