By Paul A. Harris
Portland, Ore., Sept. 11 – Williams Scotsman, Inc. priced a $500 million issue of eight-year senior secured notes (B2/BB-) at par to yield 7 3/8% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 7˝% area. Initial guidance was is in the 7 5/8% area.
J.P. Morgan Securities LLC was the lead.
The Phoenix-based provider of storage solutions, an indirect subsidiary of Will Scot Mobile Mini Holdings Corp., plans to use the proceeds to repay approximately $494 million of debt under its ABL credit facility.
| Issuer: | William Scotsman, Inc.
|
| Amount: | $500 million
|
| Issue: | Senior secured notes
|
| Maturity: | Oct. 1, 3031
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 309 bps
|
| First call: | Oct. 1, 2026 at 103.688
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 25
|
| Ratings: | Moody’s: B2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7˝% area
|
| Marketing: | Drive-by
|
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