By Paul A. Harris
Portland, Ore., Sept. 11 – Williams Scotsman, Inc. priced a $500 million issue of eight-year senior secured notes (B2/BB-) at par to yield 7 3/8% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 7˝% area. Initial guidance was is in the 7 5/8% area.
J.P. Morgan Securities LLC was the lead.
The Phoenix-based provider of storage solutions, an indirect subsidiary of Will Scot Mobile Mini Holdings Corp., plans to use the proceeds to repay approximately $494 million of debt under its ABL credit facility.
Issuer: | William Scotsman, Inc.
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Amount: | $500 million
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Issue: | Senior secured notes
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Maturity: | Oct. 1, 3031
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Lead: | J.P. Morgan Securities LLC
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Coupon: | 7 3/8%
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Price: | Par
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Yield: | 7 3/8%
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Spread: | 309 bps
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First call: | Oct. 1, 2026 at 103.688
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Trade date: | Sept. 11
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Settlement date: | Sept. 25
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Ratings: | Moody’s: B2
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| S&P: BB-
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Distribution: | Rule 144A and Regulation S
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Price talk: | 7˝% area
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Marketing: | Drive-by
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