Willscot Mobile Mini Holdings Announces Conditional Redemption of Existing Senior Secured Notes Due 2023
PHOENIX, Aug. 11, 2020 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” or the “Company”) (Nasdaq: WSC), a North American leader in turnkey modular space and portable storage solutions, today announced that its indirect subsidiary, Williams Scotsman International, Inc. (“WSII”), issued a conditional notice of redemption to redeem (the “Conditional Redemption”) on August 26, 2020 (the “Redemption Date”) all $441 million aggregate principal amount remaining outstanding of its 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. The Conditional Redemption is conditioned upon the completion by WSII or one of its subsidiaries of an issuance of at least $500 million aggregate principal amount of notes no later than the Redemption Date. This announcement does not form part of or constitute a notice of redemption with respect to the 2023 Notes.
The 2023 Notes to be redeemed pursuant to the Conditional Redemption will be redeemed for a redemption price equal to 103.438% 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 2023 Notes should contact the bank or broker through which they hold a beneficial interest in the 2023 Notes for information about obtaining the Redemption Payment for the 2023 Notes redeemed in which they have a beneficial interest.
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.