By Paul A. Harris
St. Louis, April 12 - Williams Scotsman Inc. priced a $100 million add-on to its 8½% senior notes due Oct. 1, 2015 (B3/B) at 101.75 to yield 8.18% on Wednesday, according to an informed source.
The issue price came in the middle of the 101.50 to 102.0 price talk.
Deutsche Bank Securities and Banc of America Securities ran the books for the Rule 144A add-on. Lehman Brothers was the co-manager.
Proceeds will be used to repay part of the company's credit facility.
The original $350 million issue priced at par on Sept. 20, 2005, bringing the total issue size to $450 million.
Williams Scotsman is a Baltimore provider of modular space solutions for the construction, education, commercial and industrial, and government markets.
Issuer: Williams Scotsman Inc.
| Amount: | $100 million
|
| Maturity: | Oct. 1, 2015
|
| Security description: | Add-on to 8½% senior notes due Oct. 1, 2015
|
| Bookrunner: | Deutsche Bank Securities, Banc of America Securities
|
| Co-manager: | Lehman Brothers
|
| Coupon: | 8½%
|
| Price: | 101.75
|
| Yield: | 8.18%
|
| Spread: | 324 bps
|
| Call protection: | Callable from Oct. 1, 2010 onwards at 104.25
|
| Equity clawback: | Until Oct. 1, 2008 for 35% at 108.50
|
| Trade date: | April 12
|
| Settlement date: | April 18, with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A
|
| Price talk: | 101.50-102
|
| Original issue: | $350 million priced at par on Sept. 20, 2005
|
| Total issue size: | $450 million
|
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