Algeco Scotsman Announces Closing of Notes Offering and Refinancing
BALTIMORE, Feb. 15, 2018 (GLOBE NEWSWIRE) -- Algeco Scotsman Global S.à r.l. ("A/S Global" and, together with its subsidiaries, "Algeco Scotsman"), today announced that two of its subsidiaries, Algeco Scotsman Global Finance plc and Algeco Scotsman Global Finance 2 plc, have closed their previously announced notes offerings.
Algeco Scotsman Global Finance plc issued the following tranches of senior secured notes due 2023 (the "Senior Secured Notes"):
- €600,000,000 6 1/2% Senior Secured Fixed Rate Notes;
- $520,000,000 8% Senior Secured Fixed Rate Notes; and
- €150,000,000 Senior Secured Floating Rate Notes.
Algeco Scotsman Global Finance 2 plc issued $305,000,000 10% Senior Notes due 2023 (the "Senior Notes" and, together with the Senior Secured Notes, the "Notes").
Additionally, Algeco Scotsman has obtained three-year cross currency swaps for the dollar-denominated Notes into euro, which will swap into euro the coupon and principal amount of 100% of the Senior Notes and $230 million of the dollar-denominated 81/2% Senior Secured Notes and the coupon of $290 million of dollar-denominated 81/2% Senior Secured Notes. Giving effect to the swaps, the weighted average interest rates for the Senior Secured Notes and Senior Notes are respectively 6.98% and 7.74% per annum.
The Notes offering formed part of a comprehensive refinancing of Algeco Scotsman's capital structure, which closed simultaneously. The refinancing additionally included the issuance of a privately-placed preferred stock facility for net proceeds of €327 million and a new $400 million syndicated senior secured asset-based credit facility. The proceeds were used to redeem the Algeco Group's existing Senior Secured Notes due 2018 and existing Senior Unsecured Notes due 2019, to refinance the existing asset-based credit facility and to pay for certain costs, fees and expenses.
The Notes were offered in a private placement transaction to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Algeco Scotsman
Algeco Scotsman is the leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management. Headquartered in Baltimore, Algeco Scotsman has operations in 24 countries with approximately 245,000 modular space and portable storage units and 11,400 remote accommodations rooms. The company operates as Target Logistics in North America, Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
Cautionary Notice Regarding Forward Looking Statements
This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as "forward-looking statements," particularly those statements concerning expectations regarding the use of proceeds from the offering. A number of risks and uncertainties could cause our actual results to differ materially from current projections, forecasts, estimates and expectations relating to us. Any or all of these forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond our control.
This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Important Regulatory Notice
This announcement contains information that prior to its disclosure may have constituted inside information under European Union Regulation 596/2014 on market abuse.
Investor Relations Contact
Vice President, Finance
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Algeco Scotsman via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
15th Consecutive Nasdaq Closing Cross Sets Record for Number of Shares Traded During 2018 Russell US Indexes Reconstitution22.6.2018 23:19 | Pressemelding
NEW YORK, June 22, 2018 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq:NDAQ) today announced the Nasdaq Closing Cross had a record day as it was used for the 15th consecutive year to rebalance Nasdaq-listed securities in the entire family of Russell U.S. Indexes, part of leading global index provider FTSE Russell, during their annual reconstitution. A record 1.188 billion shares representing $39.26 billion were executed in the Closing Cross in 0.935 seconds across some 2,591 Nasdaq-listed stocks. This compares to 2017, when Nasdaq executed 972 million shares representing $28.9 billion executed in 0.861 seconds across 2,499 Nasdaq-listed stocks. "Today, we saw a record-breaking performance for the Nasdaq Closing Cross, which benefits issuers and investors alike with transparent and efficient price discovery," said Tom Wittman, Head of Global Equities and Executive Vice President of Global Trading and Market Services at Nasdaq. "The rebalance is an important event to ensure that the Russell U.S. ind
PRESS ALERT & INVITATION: Arbitrade to Hold a Press Conference on June 28th From Bermuda - Its New Global Headquarters22.6.2018 22:29 | Pressemelding
NEW YORK, June 22, 2018 (GLOBE NEWSWIRE) -- This is an invitation to all media following Arbitrade and/or covering the cryptocurrency markets. You are invited to join Arbitrade's Chairman, Len Schutzman, and management who will discuss their progress toward establishing Arbitrade as a world-class cryptocurrency exchange and coin company. They will also discuss their move and incorporation into Bermuda, one of the world's best regulated jurisdictions and a platform from which Arbitrade will reach out to several international markets. It will be a lively discussion that will also include details of the many economic and social advantages and new jobs that companies, like Arbitrade, will bring to countries in which they settle and do business around the world. Details of how to access the press briefing webcast are as follows: Please register now for the upcoming Arbitrade Conference Call: Date: Wednesday, June 27, 2018 Time: 8:00 a.m. EST We recommend that you connect to the meeting at l
Northland Power's Hai Long Offshore Wind Project Awarded Additional 744 Megawatts in Taiwan Auction22.6.2018 14:15 | Pressemelding
TORONTO, June 22, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX:NPI) today announced that the Taiwan Bureau of Energy ("BOE") has awarded 232 megawatts ("MW") to the Hai Long 2 offshore wind farm ("Hai Long 2") and 512 MW to the Hai Long 3 offshore wind farm ("Hai Long 3") under Taiwan's offshore wind auction program. These awards are separate from and in addition to the 300 MW in 2024 that Hai Long 2 was allocated by the Taiwan BOE on April 30, 2018 under Taiwan's Feed-in-Tariff ("FIT") program. Northland and its partner Yushan Energy Co. Ltd. ("Yushan Energy") own 60% and 40%, respectively, of Hai Long 2 and Hai Long 3. This is another significant step for Northland in Taiwan, with a second and third project progressing to connect to Taiwan's grid in 2025, subject to securing 20-year power purchase agreements. Taken together with the FIT award, the Hai Long 2 and Hai Long 3 offshore wind farms now total 1,044 MW of offshore wind capacity in Taiwan. Northland is bui
Williams Scotsman to Acquire ModSpace22.6.2018 13:09 | Pressemelding
Creates an industry-leading specialty rental services provider with over $1 billion of combined revenue and over 160,000 rental units across North America Leverages, and further strengthens, Williams Scotsman's scalable operating platform to capture an estimated $60 million of cost synergies Combines the best of both companies' go-to-market strategies, benefiting our customers and accelerating the expansion of Williams Scotsman's turnkey "Ready To Work" solutions across a broader asset base and enhanced branch network Total enterprise value of approximately $1.1 billion represents 6.6x ModSpace's Adjusted EBITDA for the twelve month period ended March 31, 2018, inclusive of forecast cost synergies and the expected value of acquired tax attributes1 ,2 BALTIMORE, June 22, 2018 (GLOBE NEWSWIRE) -- WillScot Corporation (NASDAQ:WSC) ("Williams Scotsman") the leading specialty rental services provider of innovative modular space and portable storage solutions across North America, today anno
Mash named as one of the Fintech 5022.6.2018 12:36 | Pressemelding
At an event held on Wednesday June 20th at the Silicon Valley Bank in London, UK, Mash was selected from over 1800 companies to the FinTech50 2018 list, joining FinTech giants like N26, Monzo, Raisin and Revolut on the list of Europe’s hottest FinTech companies. James Hickson, Group CEO of Mash commented, “This has been a transformational year for Mash and our momentum continues. The FinTech50 is the Oscars of our industry and as such, the competition for a place was incredibly high - only 14 new companies made it to the list with Mash being selected from over 1800 nominations. To be recognized as one of Europe’s leading Fintech companies is an incredible honor and a reflection of our dedicated team and our go forward ambition to be a major player in Europe. We extend an enormous thank you to the award committee for their support and our team for their incredible efforts” Tommi Lindfors, Chairman and founder of Mash Group, was pleased with the recognition: “The Fintech50 list recognize
GMAC Launches 'Study in China' Initiative in Partnership with 11 Leading Business Schools in China22.6.2018 06:01 | Pressemelding
BEIJING and HONG KONG, June 22, 2018 (GLOBE NEWSWIRE) -- On June 22, the Graduate Management Admission Council (GMAC) joins hands with 11 leading business schools in China to launch the "Study in China" initiative. This partnership marks the opening of an interactive platform for international students across 20 Belt and Road (B&R) regions to explore opportunities in China and to pursue higher education in business-related fields. The "Study in China" initiative aims to meet rapidly growing international student demand and to champion China as a world-class study destination and emerging global hub for business education. The "Study in China" online portal (www.studyinchinamba.com) officially launched today allows students to discover more about studying and living in China. The newly designed English-language website connects prospective students with partner business schools and offers access to an abundance of information to help find the perfect fit for their China education experi
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom