Algeco Scotsman Announces Debt Package for Refinancing, Acquisition of Touax Solutions Modulaires SAS and Exercise of Put Option

BALTIMORE, Md., Dec. 10, 2017 (GLOBE NEWSWIRE) -- Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, the "Algeco Group") today announced that a finance special purpose vehicle that will be a subsidiary of the Algeco Group has entered into a senior debt package arranged by a syndicate of lending institutions and a preferred stock facility with a group of other financing providers. The proceeds of this financing, or any debt issued in lieu of the loans under the facilities (which replacement debt could be in the form of loans, securities or other debt instruments, may be publicly or privately placed and may be denominated in euros or US dollars), will be used to refinance the existing capital structure of the Algeco Group, including its existing Senior Secured Notes due 2018 and existing Senior Unsecured Notes due 2019. In connection with this refinancing, a lending syndicate will provide a new $400 million senior secured asset backed facility. The debt package is contingent on the satisfaction of customary conditions, including the execution and delivery of definitive documentation and the Algeco Group currently contemplates that the refinancing will be completed in the first quarter of 2018.

The Algeco Group also today announced the successful closing of the acquisition by the Algeco Group of all of the shares of Touax Solutions Modulaires SAS ("TSM"), Touax's Modular Division Europe, from TSM's parent, Touax SCA. The addition of TSM expands the Algeco Group's European presence to 18 countries operating from over 150 locations, with a modular fleet of over 220,000 modules. The acquisition also reinforces the Algeco Group's leadership in the modular construction market in both sales and rental and further strengthens its position as a European market leader, most notably in France, Germany and Poland. As a consequence of the acquisition, current TSM customers will immediately have access to a wider catalogue of both high-quality products and value-added services.

In addition, the Algeco Group today announced that on December 6, 2017, it exercised its put option with funds managed by TDR Capital LLP, with respect to the shares of Williams Scotsman Holdings Corp. and WillScot Corporation (formerly Double Eagle Acquisition Corp.) that the Algeco Group received as part of the consideration for the previously announced sale of its North American modular space and portable storage operations. The sale of the shares has closed and the exercise price of $78.5 million has been received by the Algeco Group and was used in part to fund the acquisition of TSM.