| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Algeco/Scotsman Holding Sarl > News item |
Algeco sponsor accelerates commitment; noteholders withdraw complaint
By Angela McDaniels
Tacoma, Wash., Nov. 20 – Algeco/Scotsman Holding Sarl sponsor TDR Capital has agreed to bring forward its commitment to invest and/or equitize $250 million of debt securities into the Algeco Group, according to a company news release.
The agreement is with some holders of the Algeco Group’s 10¾% senior notes due 2019, and the commitment was previously made to former holders of some PIK loans guaranteed by Algeco/Scotsman Holding.
TDR Capital agreed to bring forward the commitment to the business day following the closing of the sale of Algeco’s North American modular space and portable storage operations to Williams Scotsman Holdings Corp., a newly formed subsidiary of Double Eagle Acquisition Corp.
Furthermore, TDR Capital also agreed to purchase $125 million of 10¾% notes at a price of $950 per $1,000 principal amount, plus accrued interest, from some holders.
In addition, the holders of the 10¾% notes have instructed the notes trustee to immediately dismiss the litigation against some members of the Algeco Group, TDR Capital and Double Eagle Acquisition, among others, currently pending in the Supreme Court for the State of New York with respect to the sale of its North American modular space and portable storage operations and to withdraw the complaint made against all defendants in that litigation.
Finally, the issuer of the 10¾% notes has agreed to execute and deliver a supplemental indenture providing for additional or modified covenants.
Algeco Scotsman is based in Baltimore and provides modular space, secure portable storage solutions and remote workforce accommodation management.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.