Mobile Mini enters into $1 billion amended revolver, reduces interest

By Tali Rackner

Norfolk, Va., Dec. 15 – Mobile Mini, Inc. entered into an amended and restated asset-based revolving credit facility at reduced interest rates on Monday, according to a press release.

The new $1 billion facility provides for a five-year revolving line of credit facility maturing December 2020.

Initial interest is Libor plus 175 basis points. On April 1, 2016, the interest will be reduced by 50 bps and will range from Libor plus 125 bps to 175 bps.

“We are pleased with the refinancing as it extends the maturity, provides us with ongoing financial flexibility and, with availability in excess of $300 million as of the closing date, nicely positions Mobile Mini for continued growth,” executive vice president and chief financial officer Mark Funk said in the release.

“Additionally, as a result of our strong performance over the past several years, we were able to reduce the borrowing margins on our credit line, which we expect to result in interest rate savings in the coming quarters.”

Tempe, Ariz.-based Mobile Mini is a provider of portable storage services.

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