S&P rates WillScot notes B

S&P said it assigned its B issue-level and 5 recovery ratings to WillScot Corp.’s proposed $500 million senior secured notes due 2025 and placed the ratings on CreditWatch with positive implications.

WillScot announced an agreement on March 4 to merge with modular storage lessor Mobile Mini Inc. in an all-stock transaction. The notes will be used to refinance the company’s $270 million senior secured notes due 2022, and Mobile Mini’s $250 million senior unsecured notes due 2024 when the merger closes.

“We are affirming the B issue-level and 5 recovery ratings on WillScot’s existing $490 million 6 7/8% secured notes, though we revised the rounded estimate to 20% (from 15%) based on the higher asset base and new capital structure,” S&P said in a press release.

WillScot’s B+ rating remains on CreditWatch with positive implications. S&P placed it there on March 4.

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