WillScot Mobile Mini offers $500 million in senior secured notes

Willscot Mobile Mini Holdings Corp. has announced its plans to offer $500 million in senior secured notes due 2029 through its indirect subsidiary, Williams Scotsman, Inc. (WSI). The net proceeds from this offering will be used to repay approximately $493.5 million of outstanding borrowings under WSI's existing ABL credit facility and to pay related fees and expenses.

In terms of financial metrics, the company reported that as of the end of the first quarter of 2024, its total debt was $2.1 billion, a decrease from the $2.3 billion reported at the end of the previous quarter. Additionally, the net leverage ratio improved to 4.3x from 4.6x in the previous quarter.

Furthermore, the company's liquidity position has strengthened, with total liquidity standing at $1.1 billion at the end of the first quarter, up from $932 million at the end of the previous quarter.

The offering of the senior secured notes is targeted at qualified institutional buyers and non-U.S. persons outside the United States, in accordance with applicable regulations. It's worth noting that the notes and related guarantees will not be registered under the securities laws of any jurisdiction.

Willscot Mobile Mini Holdings Corp.'s move to offer senior secured notes highlights its strategic approach to managing its debt obligations and optimizing its capital structure. The company's efforts to reduce its total debt and improve its net leverage ratio demonstrate a commitment to strengthening its financial position and enhancing its long-term sustainability. Today the company's shares have moved -2.1% to a price of $37.85. For more information, read the company's full 8-K submission here.

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