WillScot Mobile Mini Announces Partial Redemption of Senior Secured Notes Due 2025

Rhea-AI Summary

WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC) announced its subsidiary will redeem $65 million of its 6.125% Senior Secured Notes due 2025 on March 26, 2021. The redemption price will be 103% of the principal amount plus accrued interest. After the redemption date, interest will cease to accrue on the redeemed notes. Investors are advised to contact their brokers for information regarding the redemption payment.

Positive

• Announcing the redemption of $65 million of 6.125% Senior Secured Notes demonstrates financial maneuverability.

Negative

• Redeeming notes may indicate a strategy to manage debt but could also raise concerns about cash flow management.

PHOENIX, March 11, 2021 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” or the “Company”) (Nasdaq: WSC), a North American leader in modular space and portable storage solutions, today announced that its indirect subsidiary, Williams Scotsman International, Inc., will redeem $65,000,000 in aggregate principal amount of its outstanding 6.125% Senior Secured Notes due 2025 (the “Notes”) on March 26, 2021 (the “Redemption Date”).

The Notes will be redeemed for a redemption price equal to 103% of the principal amount of the Notes redeemed plus accrued and unpaid interest to but not including the Redemption Date (together, the “Redemption Payment”). From and after the Redemption Date, all interest will cease to accrue on the Notes redeemed.

Investors in the Notes should contact the bank or broker through which they hold a beneficial interest in the Notes for information about obtaining the Redemption Payment for the Notes redeemed in which they have a beneficial interest.

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” and variations of these words and similar expressions (or the negative thereof) identify forward-looking statements, which are generally not historical in nature. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the Company’s Safe Harbor Compliance Statement for Forward-Looking Statements included in the Company’s recent filings, including Form 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update these forward-looking statements.

About WillScot Mobile Mini Holdings Corp.

WillScot Mobile Mini trades on the Nasdaq stock exchange under the ticker symbol “WSC”. Based in Phoenix, Arizona, WillScot Mobile Mini is a North American leader in turnkey modular space and portable storage solutions. It was formed in 2020 upon the merger of leaders in the modular space and portable storage markets. Together the WillScot and Mobile Mini brands operate approximately 275 locations across the United States, Canada, Mexico, and the United Kingdom with a combined fleet of over 350,000 portable offices and storage containers. The Company leases turnkey office space and storage solutions for temporary applications across a diverse customer base in the commercial and industrial, construction, retail, education, health care, government, transportation, security and energy sectors. WillScot Mobile Mini creates value by enabling customers to add space efficiently and cost-effectively – when the solution is perfect, productivity is all the customer sees.

Contact Information

Investor Inquiries:

Nick Girardi
nick.girardi@willscotmobilemini.com

Media Inquiries:

Scott Junk
scott.junk@willscotmobilemini.com

FAQ

What is the recent announcement by WillScot Mobile Mini (WSC)?

WillScot Mobile Mini announced the redemption of $65 million of its 6.125% Senior Secured Notes due 2025 on March 26, 2021.

When will WillScot Mobile Mini redeem its Senior Secured Notes?

The redemption of the Senior Secured Notes by WillScot Mobile Mini will take place on March 26, 2021.

What will be the redemption price for WillScot Mobile Mini's Senior Secured Notes?

The redemption price will be 103% of the principal amount plus accrued interest.

What should investors do regarding the redemption of WillScot Mobile Mini's Notes?

Investors should contact their bank or broker for information about obtaining the Redemption Payment.