Willscot Mobile Mini Holdings Announces $500 Million Senior Secured Notes Offering

Rhea-AI Summary

WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC) announced plans to offer $500 million in senior secured notes due 2028 through its subsidiary, Williams Scotsman International, Inc. The proceeds will be used to redeem $441 million of its existing 6.875% senior secured notes due 2023. This private placement is aimed at qualified institutional buyers and does not constitute an offer to sell securities within the U.S. The company highlights its position as a leader in modular space and portable storage solutions across North America.

Positive

• Plans to redeem $441 million of existing debt, improving financial stability.
• Offering $500 million in new senior secured notes may enhance liquidity.

Negative

• Total debt levels may increase due to new note offering.
• Dependence on market conditions and regulatory compliance for successful placement.

PHOENIX, Aug. 11, 2020 (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. (“WSII”), plans to offer $500 million in aggregate principal amount of senior secured notes due 2028 (the “Notes”). WillScot Mobile Mini intends to use the offering proceeds to redeem all $441 million in aggregate principal amount remaining outstanding of WSII’s 6.875% senior secured noted due 2023 (the “2023 Notes”), after giving effect to the redemption of 10% of the aggregate principal amount of the 2023 Notes, as announced on July 27, 2020. This announcement does not form part of or constitute a notice of redemption with respect to the 2023 Notes.

The Notes are being offered in a private placement transaction to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States in accordance with Regulation S under the Securities Act. The Notes 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 registration requirements.  This press release does not constitute an offer to sell any security and shall not constitute an offer to sell or the solicitation of any offer to buy any security in any jurisdiction in which such offer or solicitation would be unlawful.

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” and variations of these words and similar expressions (or the negative thereof) identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to a number of risks, uncertainties, including the impacts of the COVID-19 pandemic, assumptions and other important factors, many of which are outside the Company’s control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These forward-looking statements are only estimates, assumptions and projections and involve known and unknown risks and uncertainties, many of which are beyond the control of the Company. Important factors include: the Company’s ability to manage growth and execute its business plan; the risks and costs associated with the integration of the WillScot Corporation and Mobile Mini Inc. businesses; the Company's estimates of the size of the markets for its products; the rate and degree of market acceptance of its products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs adversely affecting its profitability (including cost increases resulting from tariffs); general economic and market conditions impacting demand for its products and services; the Company’s capital structure, levels of indebtedness and availability of credit; the ability to retain and hire key personnel and uncertainties arising from leadership changes; the ability to implement and maintain an effective system of internal controls; potential litigation involving the Company; implementation of tax reform; the changes in political conditions in the U.S. and other countries in which the parties operate, including U.S. trade policies; and such other risks and uncertainties described in the periodic reports the Company files with the SEC from time to time including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 2, 2020 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020 and June 30, 2020, which were filed with the SEC on May 6, 2020 and August 10, 2020, respectively and are available through the SEC’s EDGAR system at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made, and the Company assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

About WillScot Mobile Mini Holdings Corp.

WillScot Mobile Mini Holdings Corp. 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.  They lease 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.  They create 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:

Emily Tadano

emily.tadano@willscotmobilemini.com

Media Inquiries:

Scott Junk

scott.junk@willscotmobilemini.com

FAQ

What is the purpose of WillScot Mobile Mini's $500 million note offering?

The offering is intended to redeem $441 million of existing 6.875% senior secured notes due 2023.

When are the new senior secured notes due?

The new senior secured notes are due in 2028.

Who can purchase the newly offered secured notes from WillScot Mobile Mini?

The notes are being offered to qualified institutional buyers in a private placement.

How much existing debt will WillScot Mobile Mini redeem?

WillScot Mobile Mini plans to redeem $441 million of its 6.875% senior secured notes.

What is the impact of the note offering on WillScot Mobile Mini's finances?

The offering aims to enhance liquidity but may increase overall debt levels.