By Paul A. Harris
St. Louis, Aug. 13 - Williams Scotsman Inc. sold $150 million of senior secured second lien notes due Aug. 15, 2008 (B2/B+) at par Wednesday to yield 10%, according to a market source.
Price talk was for a yield in the 10% area.
Deutsche Bank Securities Inc. was the bookrunner on the Rule 144A deal. Banc of America Securities, CIBC World Markets and Fleet Securities were co-managers.
Proceeds will be used to repay bank debt.
Williams Scotsman is a mobile office and storage space company based in Baltimore.
Issuer: Williams Scotsman Inc.
| Amount: | $150 million
|
| Maturity: | Aug. 15, 2008
|
| Security description: | Senior secured second lien notes
|
| Bookrunner: | Deutsche Bank Securities
|
| Co-managers: | Banc of America Securities, CIBC World Markets, Fleet Securities
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Spread: | 666 basis points
|
| Call features: | Callable on Aug. 15, 2006 at 105, then at 102.5
|
| Equity clawback: | Until Aug. 15, 2006 for 35% at 110.0
|
| Settlement date: | Aug. 18, 2003
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Price talk: | 10% area
|
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