Williams Scotsman amends credit facility, cutting rates, extending maturity

New York, April 13 - Williams Scotsman, Inc. completed an amendment and restatement of its credit facility that lowers borrowing costs and pushes back the maturity.

The amendment cuts the interest rate to Libor plus 200 basis points initially. Subsequently it varies based on excess availability and the ratio of total funded debt to EBITDA.

The unused fee was cut to 30 basis points if average revolver usage is less than 50%.

Also under the amendment, which was completed on April 12, the maturity is extended to April 12, 2011.

Bank of America, NA is administrative agent for the facility.

Williams Scotsman said the changes also revise covenants to give it greater flexibility to incur debt and make acquisitions. The change of control provisions are also amended.

The amendment permits the issuance of $100 million of new senior notes.

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