BALTIMORE, MD–(Marketwired – Dec 5, 2017) – Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, the “Algeco Group“) today announced that its subsidiary, Algeco Scotsman Global S.à r.l. (“Holdings“), has released and forgiven the principal amount (excluding accrued interest) owed by its subsidiary, Algeco Scotsman Global Finance plc (the “Issuer“), under:
(i) $106,150,000 aggregate principal amount of 8 1/2% Senior Secured Notes due 2018 (the “Cancelled Senior Secured Notes“); and
(ii) $143,850,000 aggregate principal amount of 10 3/4% Senior Unsecured Notes due 2019 (the “Cancelled Senior Unsecured Notes” and, together with the Cancelled Senior Secured Notes, the “Cancelled Notes“).
As previously announced, the Algeco Group’s sponsor, TDR Capital, equitized the Cancelled Notes on November 30, 2017. Under the equitization, Holdings ultimately received the Cancelled Notes from its immediate parent, Algeco Scotsman Limited Partnership SLP, pursuant to an equity contribution. The release and forgiveness of the Cancelled Notes was agreed on November 30, 2017, and effectuated on December 1, 2017, by way of cancellation pursuant to Section 2.11 of the relevant indenture.
Following cancellation of the Cancelled Notes, the following amounts remain outstanding under the Notes:
(i) $1,063,850,000 aggregate principal amount of 8 1/2% Senior Secured Notes due 2018;
(ii) EUR275,000,000 aggregate principal amount of 9% Senior Secured Notes due 2018; and
(iii) $601,150,000 aggregate principal amount of 103/4% Senior Unsecured Notes due 2019.
No representation is being made as to the correctness or accuracy of the ISIN and CUSIP numbers, as applicable, printed on the Cancelled Notes and listed above.
About Algeco Scotsman
Algeco Scotsman is the leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management. Headquartered in Baltimore, Algeco Scotsman has operations in 24 countries with a modular fleet of approximately 201,000 units and 11,400 remote accommodations rooms. The company operates as Target Logistics in North America, Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
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