Moody's rates Mobile Mini notes B2

Moody's Investors Service said it assigned a provisional B2 rating to Mobile Mini, Inc.'s $200 million senior unsecured notes, a Rule 144A private offering. The company has a corporate family rating of B1.

The outlook is stable.

The proceeds will be used to repay its $193 million senior notes due 2014, Moody's said.

The agency said it expects that Mobile Mini's leverage will not materially change as a result of the notes issuance and debt repayment, so the transaction has no effect on its ratings.

"The new issue could lower Mobile Mini's borrowing costs and extend its debt maturity profile, which would be credit positives, Moody's said.

But its leverage remains high after modest improvements since its acquisition of Mobile Storage Group in 2008, the agency added.

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