Algeco Scotsman gets enough consents to amend 8½%, 9%, 10¾% notes

By Toni Weeks

San Luis Obispo, Calif., July 14 – Algeco Scotsman Holding Sarl indirect subsidiary Algeco Scotsman Global Finance plc received enough consents to approve amendments to its 8½% senior secured notes due 2018, 9% senior secured notes due 2018 and 10¾% senior unsecured notes due 2019, according to a company news release.

In the consent solicitation, which began July 2, the company took in consents from holders representing $1,070,265,000, or 99.56%, of its 8½% notes, €217,188,000, or 78.98%, of its €9% notes and $743.17 million, or 99.75%, of its 10¾% notes. The consent solicitations were subject to, among other things, the receipt of valid consents for at least a majority of each series of the outstanding notes.

As a result, the company entered into the supplemental indentures to the indentures governing the notes, and the proposed amendments will become effective when the company pays the consent fee, which is $1 per $1,000 principal amount of dollar notes or €1 per €1,000 principal amount of euro notes.

As previously noted, Algeco Scotsman had solicited consents from holders of record as of 5 p.m. ET on July 1 to proposed amendments to the indentures governing the notes to allow the company to elect to make certain accounting determinations under the indentures in accordance with U.S. generally accepted accounting principles in lieu of international financial reporting standards and to permit the conversion of some euro-denominated amounts contained in the indentures into dollar-denominated amounts without changing the overall quantum of such amounts.

The consent solicitation ended at 5 p.m. ET on July 11.

The company said the amendments were being sought in connection with its possible adoption of U.S. generally accepted accounting principles in lieu of international financial reporting standards as the basis for its financial reporting and the preparation of its financial statements and the recent transition to using the dollar instead of the euro as its functional currency.

The solicitation agent was Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527). The tabulation agent was D.F. King & Co, Inc. (212 493-6940 for banks and brokers, 212 269-5550 for all others, 44 207 920 9700 in London or algeco@dfking.com).

Based in Baltimore, Algeco Scotsman provides modular space, secure portable storage solutions and remote workforce accommodation management.

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