Mobile Mini to redeem $52.5 million of 9½% notes, repay portion of LOC

By Angela McDaniels

Seattle, March 17 - Mobile Mini Inc. plans to use proceeds from its follow-on offering of 4 million shares of common stock to redeem 35% of its 9½% senior notes due 2013 and repay a portion of the borrowings under its $350 million revolving line of credit.

The company will use $57,847,500 of the proceeds to redeem $52.5 million of the $150 million outstanding of the 9½% notes at a redemption price of 109.50 plus accrued interest.

The remainder of the proceeds will go toward the line of credit repayment.

CIBC World Markets Corp. and Deutsche Bank Securities Inc. will be joint bookrunner for the follow-on offering. Needham & Co. LLC and America's Growth Capital LLC will be co-managers.

The Tempe, Ariz.-based portable storage company said it granted a 600,000 share greenshoe to the underwriters.

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