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Williams Scotsman tenders for 9 7/8% notes, 10% notes
By Jennifer Chiou
New York, June 23 - Williams Scotsman, Inc. began a tender offer and consent solicitation for any and all of its outstanding $550 million 9 7/8% senior notes due 2007 and $150 million 10% senior secured notes due 2008.
The total consideration for the 9 7/8% notes is $1,005.00 per $1,000 principal amount and $1,105.13 per $1,000 principal amount for the 10% notes, plus accrued and unpaid interest to, but not including, the payment date for both.
Both payouts include a $20.00 per $1,000 principal amount consent payment if the notes are tendered before 5 p.m. ET on July 7.
Investors who tender their notes after the consent date and before 5 p.m. ET on Aug. 2, unless extended, will not receive the consent payment.
The total consideration for the 9 7/8% notes was determined by adding 50 basis points to the current redemption price, which is 100% of the principal amount.
The total consideration for the 10% notes was calculated with the assumption that 35% of the notes were redeemed at the equity clawback redemption price of 110% of the principal amount and that the remainder were repurchased at 100% of the principal amount plus a make-whole premium based on the yield of a U.S. treasury security maturing Aug. 15, 2006 plus 50 bps.
The company is also soliciting the consent of holders to eliminate substantially all of the restrictive covenants and certain events of default under the indentures for both notes.
Conditions of the offer include having sufficient funds from a new offering from parent company Williams Scotsman International, Inc. and the tender of a majority of each of the notes.
Deutsche Bank Securities Inc. is the dealer manager and solicitation agent (call collect 212 250-5655). The information agent is MacKenzie Partners, Inc. (800 322-2885 or call collect 212 929-5500).
Williams Scotsman, which provides modular space products, has headquarters in Baltimore.
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