Mobile Mini accepts tenders for 99% of 9½% notes due 2013

By Laura Lutz

Des Moines, May 8 - Mobile Mini, Inc. completed a tender offer and consent solicitation for its 9½% senior notes due 2013, accepting tenders for more than 99% of the $97.5 million previously outstanding principal amount of the notes.

The tender offer will expire at 11:59 p.m. ET on May 4. It began on April 9.

As of the consent solicitation deadline at 5 p.m. ET on April 20, holders of about 98% of notes had tendered their securities.

The company was soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default. Consents were needed from holders of a majority of the notes.

For each $1,000 principal amount of notes tendered by the consent deadline, the total consideration is $1,089.67, which was calculated using a fixed spread of 50 basis points over the yield of the 5.125% Treasury due June 30, 2008.

The total consideration includes a $30.00 per $1,000 principal amount consent payment. Noteholders who tender after the consent deadline will not receive the consent payment.

The company will also pay accrued interest for the notes.

The offer was funded with proceeds form a $150 million offering of 6 7/8% senior notes due 2015.

Deutsche Bank Securities Inc. (collect 212 250-5655) is the dealer manager, and MacKenzie Partners, Inc. (212 929-5500 or 800 322-2885) is the information agent.

Based in Phoenix, Mobile Mini provides portable storage solutions.

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