Algeco to sell €125 million tap of fixed-rate, floating-rate notes; pricing Wednesday

By Abigail W. Adams

Portland, Me., Nov. 27 – Algeco Global Finance plc plans to price a €125 million tap of its fixed- and floating-rate notes due 2023 on Wednesday, according to a market source.

Goldman Sachs International is bookrunner for the Rule 144A and Regulation S offering, which consist of a €100 million tap of its 6½% senior secured fixed rate notes due 2023 and a €25 million tap of its senior secured floating-rate notes due 2023.

The deal was marketed via an investor conference call.

Algeco initially priced a €600 million issue of the 6½% senior notes on Feb. 6, 2018 at 97.921 to yield 7%.

The company priced a €150 million issue of the floating-rate notes at 98 with a coupon of Euribor plus 625 basis points.

Proceeds from the add-on will be used to repay the €96 million outstanding under certain existing sale-leaseback agreements plus accrued interest, for general corporate purposes and to pay fees and expenses, according to a company news release.

Algeco is a London-based global business services provider focused on modular space, secure portable storage solutions and remote workforce accommodation management.

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