WillScot to sell $190 million more 6 7/8% notes due 2023 on Thursday; whisper is par to par ½

By Paul A. Harris

Portland, Ore., May 9 – WillScot Corp. plans to price 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) in a quick-to-market Thursday trade, according to market sources.

Initial guidance has the Rule 144A and Regulation S deal coming at a reoffer price of par to par ½, a trader said.

Deutsche Bank Securities Inc. is the lead.

The notes become callable on Aug. 15, 2020 at 103.438.

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

The original $300 million issue priced on July 31, 2018.

The add-on notes are intended to become fungible with the original notes.

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