New Issue: WillScot prices $190 million tap of 6 7/8% notes due 2023 at 100.25

By Paul A. Harris

Portland, Ore., May 9 – WillScot Corp. priced a $190 million add-on to the Williams Scotsman International, Inc. 6 7/8% senior secured notes due Aug. 15, 2023 (expected ratings B3/B) at 100.25 to yield 6.783% in a quick-to-market Thursday trade, according to market sources.

The issue price came in the middle of the par to par ½ price talk.

Deutsche Bank Securities Inc. had the lead.

The Baltimore-based modular space and storage space company plans to use the proceeds to pay down its senior secured revolving credit facility.

Issuer:	Williams Scotsman International, Inc.
Amount:	$190 million
Maturity:	Aug. 15, 2023
Security description:	Add-on to 6 7/8% senior secured notes due Aug. 15, 2023
Lead:	Deutsche Bank Securities Inc.
Coupon:	6 7/8%
Price:	100.25
Yield:	6.783%
Spread:	455 bps
First call:	Aug. 15, 2020 at 103.438
Trade date:	May 9
Settlement date:	May 14
Expected ratings:	Moody's: B3
	S&P: B
Distribution:	Rule 144A and Regulation S
Price talk:	Par to par ½
Marketing:	Quick to market
Original issue:	$300 million priced on July 31, 2018
Fungibility:	Add-on notes to become fungible with the original notes
Total issue size:	$490 million

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