Latham & Watkins Advises Initial Purchasers in WillScot’s Upsized US$650 Million Senior Secured Notes Offering

WillScot Corporation (WillScot), a specialty rental services market leader providing innovative modular space and portable storage solutions across North America, has announced that its indirect subsidiary Picasso Finance Sub, Inc. has priced its offering of US$650 million in aggregate principal amount of 6.125% senior secured notes due 2025 (the Notes). WillScot upsized the offering size opportunistically from US$500 million to US$650 million. WillScot intends to use the offering proceeds, together with funds drawn under WillScot’s fully committed US$2.4 billion ABL credit facility, to be entered into at the closing of the Merger (as defined below), to repay all outstanding indebtedness under its existing ABL Facility and Mobile Mini, Inc.’s (Mobile Mini) existing ABL Facility, redeem all of Mobile Mini’s outstanding senior notes, and redeem all of Williams Scotsman International, Inc.’s senior secured notes due 2022 (collectively, the Refinancing Transactions), in connection with WillScot’s pending merger with Mobile Mini (the Merger), and to pay fees and expenses related to the Refinancing Transactions and the Merger. WillScot expects the offering to close on June 15, 2020, subject to customary closing conditions.

Latham & Watkins LLP represented the initial purchasers in the offering with a corporate team led by New York partners Keith Halverstam, Stelios Saffos, and Benjamin Cohen, with associates John Slater, Jonathan Guest, Zoey Wu, and Daniel Walder.