Algeco sets talk in €125 million two-part add-on; pricing Wednesday

By Paul A. Harris

Portland, Ore., Nov. 28 – Algeco Global Finance plc set price talk in a €125 million add-on to both tranches of its senior secured notes due 2023 on Wednesday, according to a market source.

A €100 million add-on to the 6½% senior secured fixed-rate notes and a €25 million add-on to the Euribor plus 625 basis points floating-rate notes are both talked at 98 to 98.5.

The two-tranche deal is expected to price on Wednesday.

Goldman Sachs International is the bookrunner for the Rule 144A and Regulation S offering, which was marketed by means of an investor conference call.

Proceeds will be used to repay the €96 million outstanding under certain existing sale-leaseback agreements and for general corporate purposes.

Algeco initially priced a €600 million issue of the 6½% senior notes on Feb. 6, 2018 at 97.921 to yield 7%. The €150 million issue of the floating-rate notes priced at 98.

Algeco is a London-based global business services provider focused on modular space, secure portable storage solutions and remote workforce accommodation management.

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