Algeco/Scotsman pays down U.S., Canadian revolvers via sale proceeds

By Wendy Van Sickle

Columbus, Ohio, Nov. 29 – Algeco/Scotsman Holding Sarl said it repaid about $632 million under its U.S. revolving credit facility and repaid in full the roughly $37 million outstanding under its Canadian revolver using proceeds of an asset sale, according to a press release.

Specifically, the company sold its North American modular space and portable storage operations “Williams Scotsman” to Williams Scotsman Holdings Corp., a newly-formed subsidiary of WillScot Corp., formerly Double Eagle Acquisition Corp., for $1.1 billion in cash and cash equivalents.

Additionally, the previously announced amendment to the Dec. 19, 2013 ABL credit agreement that provides for the revolvers became effective as of the sale of Williams Scotsman, and as a result the credit agreement currently provides for an up to $400 million facility, subject to a borrowing base.

Bank of America, NA is the administrative agent.

Algeco Scotsman is a Baltimore-based business services provider focused on modular space and secure portable storage services.

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