Algeco Scotsman Announces $20 Million Capital Raise
BALTIMORE, MD--(Marketwired - Oct 14, 2016) - Algeco Scotsman Global S.à r.l. today announced that one of its subsidiaries, Algeco Scotsman Global Finance plc (the "Borrower"), entered into a senior unsecured loan agreement (the "Agreement") with an affiliate (the "Lender") of its ultimate majority shareholder, TDR Capital LLP. The Agreement provides for borrowings in an aggregate amount of up to $20.0 million; all of which was drawn on October 11th, 2016 and is expected to be used for general corporate purposes. The Borrower is required to pay interest in cash on loans outstanding under the Agreement at an interest rate of 8.5% per annum, payable semi-annually in arrears. The Borrower expects to replace this loan in the near term with 8 1/2% Senior Secured Notes due 2018. The Agreement contains covenants and events of default similar to those of the senior secured notes indenture, dated as of October 11, 2012, and complies with the terms of Algeco Scotsman's long-term financing arrangements.
Forward Looking Statements
This press release may contain forward-looking statements, which reflect Algeco Scotsman's expectations regarding its future operational and financial performance. 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, Algeco Scotsman undertakes no obligation, and specifically declines 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 275,000 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.
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