Williams Scotsman increases revolver to $3.7 billion, extends maturity

By Mary-Katherine Stinson

Lexington, Ky., July 1 – Williams Scotsman, Inc. and certain subsidiaries of WillScot Mobile Mini Holdings Corp. entered into a fourth amendment on June 30 to the ABL credit agreement dated as of July 1, 2020 with Bank of America, NA as agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment amends the ABL agreement to extend the expiration date to June 30, 2027 and increases the facility to $3.7 billion and also increases the capacity under the facility’s accordion feature.

The existing revolver interest rate is converted to term SOFR from Libor and the interest rate spreads above term SOFR is reduced to 150 basis points subject to adjustments.

The amendment includes an option to incorporate pricing adjustments linked to future performance metrics related to the company's ESG initiatives.

Bank of America, NA is also the collateral agent and swingline lender.

BofA Securities, Inc., JPMorgan Chase Bank, NA and PNC Bank, NA are the joint lead arrangers and joint bookrunners.

Joining as joint bookrunners are M&T Bank, MUFG Union Bank, NA, Sumitomo Mitsui Banking Corp., Bank of the West, ING Capital LLC, Deutsche Bank AG, New York Branch, NYCB Specialty Finance Co., LLC and BMO Capital Markets Corp.

Williams Scotsman is a Phoenix, Ariz.-based supplier of modular space systems for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors.

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