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S&P assigns Mobile Mini notes BB-
Standard & Poor's said it assigned a BB- rating to Mobile Mini Inc.'s $125 million senior unsecured notes due 2015.
At the same time, the agency said it affirmed its ratings on Mobile Mini, including the BB corporate credit rating while the outlook was revised to positive from stable.
Proceeds from the unsecured notes will be used to redeem the outstanding $98 million balance of 9.5% unsecured notes as well as repay a portion of bank debt, S&P said, noting that the outlook revision is based on the positive effect of the recapitalization, which includes the new notes and an amended and increased unrated credit facility, as well as continuing strong earnings and cash flow, on the company's financial profile.
ratings on Mobile Mini reflect its relatively small revenue base and the narrow business segment of the industry in which it operates, the leasing of portable storage units, S&P noted.
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