Algeco Scotsman completes joinder of Target Logistics under revolver

By Jennifer Chiou

New York, Jan. 17 - Algeco Scotsman Global Sarl and its subsidiaries announced that they have completed the joinder of Target Logistics Management, LLC, and its subsidiaries, and Chard Camp Catering Service Ltd.

Target Logistics and Chard are subsidiaries of Algeco Scotsman and borrowers under Algeco's amended and restated revolving syndicated facility agreement dated Dec. 19, 2013.

According to a news release, it is anticipated that the assets of Target Logistics and Chard will be included in the applicable borrowing base calculations under the revolver within 30 days.

In connection with the joinder, Chard also executed supplemental indentures for the group's senior secured and senior unsecured notes, and Target Logistics and Chard entered into U.S. security agreement joinders.

The release added that Target Logistics also terminated certain existing capital leases.

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

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