Algeco Scotsman completes $1.2 billion credit facility for merger

By Sara Rosenberg

New York, Oct. 11 - Algeco Scotsman closed on a new $1.2 billion asset-backed credit facility due 2017, according to a news release.

Proceeds from the facility, along with $1.08 billion of 8½% senior secured notes, €275 million of 9% senior secured notes and $745 million of 10¾% senior unsecured notes, were used to help fund the company's merger with Ausco Modular and to refinance existing debt at both companies.

Algeco Scotsman is a Baltimore, Md.-based business services provider focused on modular space and secure portable storage solutions.

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