S&P puts WillScot on watch

S&P said it placed its ratings for WillScot Mobile Mini Holdings Corp., including the BB issuer rating, on CreditWatch with negative implications.

“The CreditWatch negative placement follows WillScot's announcement on Jan. 29, 2024, that it has agreed to acquire mobile modular and storage rental company McGrath RentCorp. The company expects to finance the total transaction value of $3.8 billion with 60% cash and debt and 40% equity. This would involve WillScot taking on about $2.6 billion (including McGrath's net debt of $800 million) of additional debt and issuing about $1.2 billion of equity to McGrath's shareholders,” S&P said in a press release.

The agency said it aims to resolve negative watch once the deal closes or it is reasonably certain it will close.

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