WillScot pricing $500 million five-year notes in Monday drive-by; initial talk 6¼%-6½%

By Paul A. Harris

Portland, Ore., June 1 – WillScot Corp. plans to drive by with a $500 million offering of five-year senior secured notes on Monday, according to market sources.

Initial talk has the notes coming to yield 6¼% to 6½%, a trader said.

J.P. Morgan Securities LLC is leading the sale.

The Rule 144A and Regulation S notes come with two years of call protection.

The issuing entity will be Picasso Finance Sub Inc., an indirect subsidiary of WillScot, which is, itself, a wholly owned subsidiary of Williams Scotsman International, Inc.

The Baltimore-based specialty rental services provider plans to use the proceeds, together with funds from WillScot's fully committed $2.4 billion ABL credit facility, to fund its refinancing transactions related to its merger with Mobile Mini Inc.

These include the repayment of all outstanding debt under WillScot's existing ABL facility and Mobile Mini's existing ABL facility, as well as all of Mobile Mini's outstanding senior notes, and Williams Scotsman International's senior secured notes due 2022.

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