Williams Scotsman increases revolving credit facility to $1.43 billion

By Marisa Wong

Morgantown, W.Va., Aug. 16 – Williams Scotsman International, Inc. entered into a third amendment on Aug. 15 to its ABL credit agreement dated Nov. 29, 2017 with Bank of America, NA as agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the maximum revolving credit facility amount to $1,425,000,000, consisting of a $1,285,000,000 U.S. tranche and a $140 million Canadian tranche, with an accordion feature allowing up to $1.8 billion of capacity.

The amendment also permits the company’s acquisition of Modular Space Holdings, Inc. (ModSpace) and related incurrences of debt to finance the acquisition and to pay related transaction costs. The ModSpace merger closed on Wednesday.

In addition, the credit agreement amendment increases thresholds, basket sizes and default and notice triggers to account for the increased size of the business of Williams Scotsman and its subsidiaries following the acquisition.

Williams Scotsman is a Baltimore-based supplier of modular space systems for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.