Algeco Scotsman Announces Fourth Quarter 2016 Financial Results Conference Call and Extension of Revolving Syndicated Facility Agreement
BALTIMORE, MD--(Marketwired - Mar 31, 2017) - Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, "Algeco Scotsman"), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, today announced the following:
Fourth Quarter 2016 Financial Results Conference Call
Algeco Scotsman's subsidiary, Algeco Scotsman Global S.à r.l., will hold its fourth quarter 2016 financial results conference call on Monday, April 3, 2017 at 10:00 a.m., Eastern Time.
To access the call, please dial (630) 691-2753 or (800) 774-6070 (US toll free) and enter participant PIN code 9988868# approximately ten minutes prior to the start of the call. You will be placed on hold until the event begins. The conference call will also be broadcast over the internet with an accompanying slide presentation. To join the web conference, go to http://web.meetme.net/r.aspx?p=2&a=UKqpbbKybnLLCr . Please enter your name, email address and company to join the call. The customer service team can be reached at any time by pressing *0 on your telephone keypad.
The fourth quarter 2016 financial information is available at http://www.algecoscotsman.com/en/investors.html and the accompanying slide presentation will be available on Monday, April 3, 2017 at approximately 8:30 a.m., Eastern Time. Following the call, a recording of the call will also be available.
Extension of Revolving Syndicated Facility Agreement
On March 31, 2017, certain of Algeco Scotsman's U.S., Canadian, U.K., Australian and New Zealand subsidiaries (the "Borrowers") entered into Amendment No. 2 to the Amended and Restated Revolving Syndicated Facility Agreement, dated December 19, 2013 (as amended to date, the "Extended Credit Agreement"), with Bank of America, N.A., as collateral agent and administrative agent, and the financial institutions parties thereto.
The Extended Credit Agreement provides for a maximum availability of $1.1 billion and a maturity date of July 10, 2018. The amount which can be borrowed is based on a defined formula of available borrowing base assets.
"We are pleased to announce the extension of our ABL credit facility which, together with the success of our recently-announced PIK exchange, reflects the progress Algeco Scotsman is making in improving its capital structure. We want to thank our banking group for their continued support of Algeco Scotsman," said Diarmuid Cummins, Chief Executive Officer of Algeco Scotsman.
The above summary of the Extended Credit Agreement is a summary only and is qualified in its entirety by reference to the full text thereof, a copy of which is available at www.algecoscotsman.com/en/investors.html .
Cautionary Notice Regarding Forward Looking Statements
This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect the Algeco Scotsman's expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. Although any forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, we undertakes no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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 25 countries with a modular fleet of approximately 274,000 units. The company operates as Williams Scotsman and 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.
Investor Relations Contact:
Vice President, Finance
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