WillScot Announces Pricing of Senior Secured Notes Offering
WillScot Holdings (Nasdaq: WSC) has announced the pricing of a $500.0 million private offering of 6.625% senior secured notes due 2030 through its subsidiary Williams Scotsman, Inc. The notes were priced at 100% face value, with closing expected around March 26, 2025.
The company plans to use approximately $493.5 million in net proceeds, combined with $33.0 million from their existing asset-based revolving credit facility, to fully redeem their outstanding 6.125% senior secured notes due 2025, which total $526.5 million. The redemption will be at 100% of 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, and will not be registered under the Securities Act or other securities laws.
WillScot Holdings (Nasdaq: WSC) ha annunciato la determinazione del prezzo di un offerta privata di $500,0 milioni di note senior garantite con un tasso del 6,625% in scadenza nel 2030 tramite la sua sussidiaria Williams Scotsman, Inc. Le note sono state prezzate al 100% del valore nominale, con la chiusura prevista intorno al 26 marzo 2025.
La società prevede di utilizzare circa $493,5 milioni di proventi netti, combinati con $33,0 milioni dal loro attuale linea di credito revolving garantita da attivi, per rimborsare completamente le loro note senior garantite al 6,125% in scadenza nel 2025, che ammontano a $526,5 milioni. Il rimborso avverrà al 100% dell'importo principale 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 della Securities Act, e non saranno registrate ai sensi della Securities Act o di altre leggi sui titoli.
WillScot Holdings (Nasdaq: WSC) ha anunciado el precio de una oferta privada de $500.0 millones de notas senior garantizadas al 6.625% con vencimiento en 2030 a través de su subsidiaria Williams Scotsman, Inc. Las notas se fijaron al 100% del valor nominal, con el cierre previsto alrededor del 26 de marzo de 2025.
La compañía planea utilizar aproximadamente $493.5 millones en ingresos netos, combinado con $33.0 millones de su línea de crédito revolving basada en activos existente, para redimir completamente sus notas senior garantizadas al 6.125% que vencen en 2025, que totalizan $526.5 millones. La redención será 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 de la Ley de Valores, y no estarán registradas bajo la Ley de Valores ni otras leyes de valores.
WillScot Holdings (Nasdaq: WSC)는 5억 달러 규모의 사모 발행에 대한 가격을 발표했습니다. 이는 2030년 만기 6.625% 고정담보 노트로, 자회사인 Williams Scotsman, Inc.를 통해 발행됩니다. 노트는 액면가의 100%로 가격이 책정되었으며, 마감은 2025년 3월 26일경으로 예상됩니다.
회사는 약 4억 9천 3백 5십만 달러의 순수익과 기존 자산 기반 회전 신용 시설에서 3천 3백만 달러를 결합하여 2025년 만기 6.125% 고정담보 노트를 전액 상환할 계획입니다. 이 노트의 총액은 5억 2천 6백 5십만 달러입니다. 상환은 원금의 100%와 발생한 이자를 포함하여 이루어질 것입니다.
새로운 노트는 규정 144A에 따라 자격을 갖춘 기관 투자자에게, 그리고 증권법의 규정 S에 따라 비미국인에게만 제공되며, 증권법이나 기타 증권법에 따라 등록되지 않습니다.
WillScot Holdings (Nasdaq: WSC) a annoncé le prix d'une offre privée de 500,0 millions de dollars de billets senior garantis à 6,625% arrivant à échéance en 2030 à travers sa filiale Williams Scotsman, Inc. Les billets ont été fixés à 100% de leur valeur nominale, avec une clôture prévue autour du 26 mars 2025.
La société prévoit d'utiliser environ 493,5 millions de dollars de produits nets, combinés avec 33,0 millions de dollars de leur ligne de crédit revolving basée sur des actifs existante, pour racheter complètement leurs billets senior garantis à 6,125% arrivant à échéance en 2025, qui totalisent 526,5 millions de dollars. Le rachat se fera à 100% du montant principal, plus les intérêts courus.
Les nouveaux billets seront offerts exclusivement à des acheteurs institutionnels qualifiés en vertu de la règle 144A et aux personnes non américaines en vertu de la réglementation S de la loi sur les valeurs mobilières, et ne seront pas enregistrés en vertu de la loi sur les valeurs mobilières ou d'autres lois sur les valeurs mobilières.
WillScot Holdings (Nasdaq: WSC) hat die Preisgestaltung für ein privates Angebot über 500,0 Millionen Dollar von 6,625% senior gesicherten Anleihen mit Fälligkeit im Jahr 2030 über ihre Tochtergesellschaft Williams Scotsman, Inc. bekannt gegeben. Die Anleihen wurden zu 100% des Nennwerts bepreist, mit einer Schließung, die voraussichtlich um den 26. März 2025 erfolgen wird.
Das Unternehmen plant, etwa 493,5 Millionen Dollar der Nettoerlöse, kombiniert mit 33,0 Millionen Dollar aus ihrer bestehenden asset-basierten revolvierenden Kreditfazilität, zu verwenden, um ihre ausstehenden 6,125% senior gesicherten Anleihen mit Fälligkeit 2025, die insgesamt 526,5 Millionen Dollar betragen, vollständig zurückzuzahlen. Die Rückzahlung erfolgt zu 100% des Nennbetrags zuzüglich aufgelaufener Zinsen.
Die neuen Anleihen werden ausschließlich an qualifizierte institutionelle Käufer gemäß Regel 144A und an Nicht-US-Personen gemäß der Regulierung S des Wertpapiergesetzes angeboten und werden nicht unter dem Wertpapiergesetz oder anderen Wertpapiergesetzen registriert.
- Successful refinancing of debt with similar interest rate terms
- Full redemption of 2025 notes indicates strong financial management
- 100% face value pricing suggests strong market confidence
- Slightly higher interest rate on new notes (6.625% vs 6.125%)
- Additional $33.0 million borrowing from credit facility increases debt burden
Insights
WillScot's $500 million senior secured notes offering represents a strategic debt refinancing aimed at extending maturity rather than reducing leverage. The company is replacing its
The 5-year maturity extension provides WillScot with enhanced financial flexibility and eliminates near-term refinancing risk. However, this comes at a cost of 50 basis points in higher interest rates (
From a financial perspective, this transaction represents routine liability management rather than signaling any fundamental shift in WillScot's capital structure strategy. The company maintains similar debt levels while pushing out maturities, suggesting management is prioritizing extended financial runway over deleveraging.
The need to supplement with additional revolving credit facility borrowings indicates the company may not have sufficient cash on hand to cover the full redemption amount, potentially pointing to tighter liquidity than ideal. However, this is a common approach in refinancing transactions.
For a company in the cyclical temporary space solutions sector, securing longer-term financing provides valuable stability, even if it comes with a modest premium in today's interest rate environment. This balanced approach to debt management should support WillScot's operational flexibility through 2030.
PHOENIX, March 12, 2025 (GLOBE NEWSWIRE) -- WillScot Holdings Corporation (“WillScot” or the “Company”) (Nasdaq: WSC), a leader in innovative temporary space solutions, today announced the pricing of the private offering of
In connection with this offering, we issued a notice of full conditional redemption providing for the redemption (the “Redemption”) of all of WSI’s outstanding
WSI intends to use the 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 have issued 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
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