Algeco Scotsman gets $20 million loan, to be swapped with 8˝% notes

By Susanna Moon

Chicago, Oct. 14 – Algeco Scotsman Global Sarl said subsidiary Algeco Scotsman Global Finance plc obtained $20 million of loans at an interest rate of 8˝%.

Algeco expects to replace the loan “in the near term” with 8˝% senior secured notes due 2018, according to a company announcement.

The company said it obtained the loan through a senior unsecured loan agreement with an affiliate of its ultimate majority shareholder, TDR Capital LLP.

The agreement contains covenants and events of default similar to those of the senior secured notes indenture dated Oct. 11, 2012, the release noted.

Algeco Scotsman is a Baltimore-based provider of modular space, secure portable storage solutions and remote workforce accommodation management.

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