By Paul A. Harris
Portland, Ore., July 31 – Williams Scotsman International Inc. priced a $300 million issue of five-year senior secured notes (B2/B) at par to yield 6 7/8% on Tuesday, according to market sources.
The yield printed 12.5 basis points beneath the tight end of the 7% to 7¼% price talk and well inside of initial talk in the 7¼% to 7½% area.
Deutsche Bank Securities Inc., Barclays, Morgan Stanley & Co. LLC, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and ING were the joint bookrunners.
Proceeds, together with funds from other sources, will be used to finance the pending acquisition of Modular Space Holdings, Inc.
The Baltimore-based issuer is a supplier of modular space systems for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors.
| Issuer: | Mason Finance Sub, Inc. (to be merged with and into Williams Scotsman International Inc.
|
| Amount: | $300 million
|
| Maturity: | Aug. 15, 2023
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Barclays, Morgan Stanley & Co. LLC, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, ING
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 403 bps
|
| First call: | Aug. 15, 2020 at 103.438
|
| Equity clawback: | 40% at 106.875 until Aug. 15, 2020
|
| Trade date: | July 31
|
| Settlement date: | Aug. 6
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A for life
|
| Price talk: | 7% to 7¼%
|
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