By Paul A. Harris
St. Louis, Mo., Feb. 14 - Williams Scotsman, Inc. upsized its offering to $150 million from a planned $100 million and priced the add-on to its 9 7/8% senior notes due June 1, 2007 at 98.751 to yield 10.179%, according to a syndicate source.
Official price talk had been 98.75. "It came at talk," the source commented.
The Rule 144A offering was priced via bookrunner Deutsche Banc Alex. Brown and co-manager Bear Stearns & Co. The issue is rated B3/B-.
Williams Scotsman originally sold $400 million of the notes on May 15, 1997.
The Baltimore, Md.-based mobile office and storage space company intends to use the proceeds from the add-on to repay bank debt.
| Issuer: | Williams Scotsman, Inc.
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| Amount: | $150 million (increased from $100 million)
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| Type: | Add-on to 9 7/8% senior notes due June 1, 2007
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| Bookrunner: | Deutsche Banc Alex. Brown
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| Co-manager: | Bear Stearns
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| Price: | 98.751
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| Yield: | 10.179%
|
| Spread: | 583 basis points over interpolated Treasuries
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| Call features: | Callable on June 1, 2002 at 104.938, 102.469, par on June 1, 2004
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| Settlement date: | Feb. 20 with accrued interest
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| Ratings: | Moody's B3:
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| Standard & Poor's: B-
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| 144A Cusip: | 96949VAD5
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