WillScot Announces $500.0 Million Senior Secured Notes Offering
WillScot Holdings (Nasdaq: WSC) has announced that its subsidiary Williams Scotsman, Inc. (WSI) plans to offer $500.0 million in senior secured notes due 2030. The notes will be secured by WSI's domestic subsidiaries and parent company.
The company intends to use the proceeds, along with $33.0 million from their existing credit facility, to redeem all outstanding 6.125% senior secured notes due 2025, which total $526.5 million. The redemption will be at 100% of the principal amount plus accrued interest.
The new notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act. The notes will not be registered under the Securities Act or other securities laws.
WillScot Holdings (Nasdaq: WSC) ha annunciato che la sua controllata Williams Scotsman, Inc. (WSI) prevede di offrire 500,0 milioni di dollari in note senior garantite con scadenza nel 2030. Le note saranno garantite dalle controllate nazionali di WSI e dalla società madre.
L'azienda intende utilizzare i proventi, insieme a 33,0 milioni di dollari provenienti dal loro attuale credito, per riscattare tutte le note senior garantite 6,125% in scadenza nel 2025, che ammontano a 526,5 milioni di dollari. Il riscatto avverrà al 100% dell'importo nominale più gli interessi maturati.
Le nuove note saranno offerte esclusivamente a compratori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi della Regolamentazione S del Securities Act. Le note non saranno registrate ai sensi del Securities Act o di altre leggi sui titoli.
WillScot Holdings (Nasdaq: WSC) ha anunciado que su filial Williams Scotsman, Inc. (WSI) planea ofrecer 500,0 millones de dólares en notas senior garantizadas con vencimiento en 2030. Las notas estarán garantizadas por las subsidiarias nacionales de WSI y la empresa matriz.
La compañía tiene la intención de utilizar los ingresos, junto con 33,0 millones de dólares de su línea de crédito existente, para redimir todas las notas senior garantizadas al 6,125% con vencimiento en 2025, que totalizan 526,5 millones de dólares. La redención se realizará al 100% del monto principal más los intereses acumulados.
Las nuevas notas se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S del Securities Act. Las notas no estarán registradas bajo el Securities Act ni otras leyes de valores.
WillScot Holdings (Nasdaq: WSC)는 자회사인 Williams Scotsman, Inc. (WSI)가 2030년 만기 senior secured notes를 5억 달러 규모로 발행할 계획이라고 발표했습니다. 이 노트는 WSI의 국내 자회사와 모회사에 의해 담보됩니다.
회사는 기존 신용 시설에서 3천3백만 달러와 함께 수익금을 사용하여 만기가 2025년인 6.125% senior secured notes를 총 5억2천6백50만 달러에 전량 상환할 계획입니다. 상환은 원금의 100%와 발생한 이자를 포함하여 이루어질 것입니다.
새로운 노트는 Rule 144A에 따라 자격을 갖춘 기관 투자자에게, 그리고 Securities Act의 Regulation S에 따라 비미국인에게 독점적으로 제공됩니다. 이 노트는 Securities Act 또는 기타 증권법에 따라 등록되지 않습니다.
WillScot Holdings (Nasdaq: WSC) a annoncé que sa filiale Williams Scotsman, Inc. (WSI) prévoit d'offrir 500,0 millions de dollars en obligations senior sécurisées arrivant à échéance en 2030. Les obligations seront garanties par les filiales nationales de WSI et la société mère.
L'entreprise a l'intention d'utiliser les produits, ainsi que 33,0 millions de dollars de sa ligne de crédit existante, pour racheter toutes les obligations senior sécurisées 6,125% arrivant à échéance en 2025, qui totalisent 526,5 millions de dollars. Le rachat se fera à 100% du montant nominal plus les intérêts accumulés.
Les nouvelles obligations seront offertes exclusivement à des acheteurs institutionnels qualifiés selon la règle 144A et à des personnes non américaines selon la réglementation S du Securities Act. Les obligations ne seront pas enregistrées en vertu du Securities Act ou d'autres lois sur les valeurs mobilières.
WillScot Holdings (Nasdaq: WSC) hat angekündigt, dass ihre Tochtergesellschaft Williams Scotsman, Inc. (WSI) plant, 500,0 Millionen Dollar an senior secured notes mit Fälligkeit 2030 anzubieten. Die Notes werden durch die inländischen Tochtergesellschaften von WSI und die Muttergesellschaft gesichert.
Das Unternehmen beabsichtigt, die Erlöse zusammen mit 33,0 Millionen Dollar aus ihrer bestehenden Kreditfazilität zu verwenden, um alle ausstehenden 6,125% senior secured notes mit Fälligkeit 2025 zurückzuzahlen, die insgesamt 526,5 Millionen Dollar ausmachen. Die Rückzahlung erfolgt zu 100% des Nennbetrags zuzüglich aufgelaufener Zinsen.
Die neuen Notes werden ausschließlich an qualifizierte institutionelle Käufer gemäß Regel 144A und an nicht-US-Personen gemäß der Regulierung S des Securities Act angeboten. Die Notes werden nicht unter dem Securities Act oder anderen Wertpapiergesetzen registriert.
- Refinancing $526.5M of debt maintains healthy balance sheet structure
- No premium payment required for early redemption of 2025 notes (100% of principal)
- Successfully securing additional $33M from existing credit facility shows good banking relationships
- New debt issuance maintains high leverage levels
- Additional borrowing of $33M from credit facility increases total debt burden
Insights
WillScot's $500 million senior secured notes offering represents a strategic debt refinancing that extends their debt maturity profile by five years. The company is using the new 2030 notes proceeds plus
The financial implications of this transaction deserve careful analysis. By extending maturities from 2025 to 2030, WillScot gains significant medium-term financial flexibility and breathing room. The redemption at par value (100%) is particularly noteworthy as it avoids early redemption penalties that would typically apply, suggesting well-timed execution by management.
The critical unknown variable is the interest rate on the new 2030 notes. If secured at rates comparable to or below the existing
The slight increase in total borrowing (using the additional credit facility funds) suggests the company is prioritizing comprehensive debt management over debt reduction. For companies in cyclical industries like temporary space solutions, proactive liability management of this nature provides valuable operational flexibility and demonstrates continued capital markets access - an important signal of financial health to investors.
PHOENIX, March 12, 2025 (GLOBE NEWSWIRE) -- WillScot Holdings Corporation (“WillScot” or the “Company”) (Nasdaq: WSC), a leader in innovative temporary space solutions, today announced that its indirect subsidiary Williams Scotsman, Inc. (“WSI”) plans to offer, subject to market and other conditions,
In connection with this offering, we intend to issue a notice of full conditional redemption providing for the redemption (the “Redemption”) of all of WSI’s outstanding
WSI intends to use the net proceeds of the offering, together with approximately
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. The Notes and the related guarantees will not be registered under the Securities Act or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Additionally, nothing in this press release constitutes a notice of redemption or any offer to purchase or solicitation of an offer to sell any of the outstanding 2025 Notes. The Redemption will be made solely pursuant to the separate redemption notice that we intend to issue under the indenture governing the 2025 Notes.
About WillScot
Listed on the Nasdaq stock exchange under the ticker symbol “WSC,” WillScot is the premier provider of highly innovative and turnkey space solutions in North America. The Company’s comprehensive range of products includes modular office complexes, mobile offices, classrooms, temporary restrooms, portable storage containers, protective buildings and climate-controlled units, and clearspan structures, as well as a curated selection of furnishings, appliances, and other supplementary services, ensuring turnkey solutions for its customers. Headquartered in Phoenix, Arizona, and operating from a network of approximately 260 branch locations and additional drop lots across the United States, Canada, and Mexico, WillScot’s business services are essential for diverse customer segments spanning all sectors of the economy.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “estimates,” “expects,” “anticipates,” “believes,” “forecasts,” “plans,” “intends,” “may,” “will,” “should,” “shall,” “outlook,” “guidance,” “see,” “have confidence” and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Certain of these forward-looking statements include statements relating to the timing and conduct of the offering of the Notes, the size and terms of the offering of the Notes and the closing of the offering of the Notes. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These risks include, without limitation, risks and uncertainties related to market conditions, that the size of the offering of the Notes could change or the offering of the Notes could be terminated, and the satisfaction of customary closing conditions related to the offering of the Notes. Although the Company believes that these forward-looking statements are based on reasonable assumptions, they are predictions and we can give no assurance that any such forward-looking statement will materialize. Any forward-looking statement speaks only at the date on which it is made, and the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| Contact Information | ||
| Investor Inquiries: | Media Inquiries: | |
| Charlie Wohlhuter | Juliana Welling | |
| investors@willscot.com | juliana.welling@willscot.com |
FAQ
What is the size of WillScot's (WSC) new senior secured notes offering in 2030?
How much of WillScot's (WSC) 2025 notes will be redeemed with the new offering?
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How will WillScot (WSC) fund the complete redemption of 2025 notes?
