Williams Scotsman driving by with $500 million eight-year secured notes; initial talk 7 5/8% area

By Paul A. Harris

Portland, Ore., Sept. 11 – Williams Scotsman, Inc. plans to price a $500 million offering of senior secured notes due 2031 (BB-) in a Monday drive-by, according to market sources.

Initial guidance is in the 7 5/8% area.

The Rule 144A and Regulation S eight-year notes come with three years of call protection.

J.P. Morgan Securities LLC is leading the notes sale.

The Phoenix-based provider of storage solutions, an indirect subsidiary of WillScot Mobile Mini Holdings Corp., plans to use the proceeds to repay approximately $494 million of debt under its ABL credit facility.

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