WillScot Reports Successful Consent Solicitations for Notes
Successful Expiration of Consent Solicitations
WillScot Holdings Corporation, known for its innovative temporary space solutions, has recently wrapped up its Consent Solicitations for amending its Senior Secured Notes due 2029 and 2031. The company worked closely with its indirect subsidiary, Williams Scotsman, Inc., to engage existing note holders. The Consent Solicitations were aimed at gaining approval for proposed amendments to the indentures governing its 6.625% Senior Secured Notes due 2029 and 7.375% Senior Secured Notes due 2031.
Details of the Consent Solicitations
The Consent Solicitations officially concluded on an appointed date, where strong participation was observed. WillScot reported that it received valid Consents from over 66 2/3% of the total principal amount across both series of Existing Notes. This included approximately 88% support from the outstanding 2029 Notes and around 83% from the 2031 Notes, indicating a favorable response from the investors.
Financial Implications for Investors
In recognition of the valid consents received, the company has set aside an aggregate cash payment of $500,000 for holders of the Existing Notes. This amounts to approximately $0.57 for each $1,000 principal of the 2029 Notes and about $0.60 per $1,000 principal for the 2031 Notes. Investors can expect to see these payments reflected in their accounts shortly after the conclusion of the Consent Solicitations.
Next Steps Following the Consent Results
Following the receipt of the requisite consents, the company plans to implement supplemental indentures related to the Proposed Amendments. This step is pivotal as it reflects the company’s commitment to align with the interests of its note holders and ensure the viability of its financial structure.
About WillScot
Listed under the ticker symbol “WSC” on Nasdaq, WillScot continues to be a leading provider of innovative and flexible space solutions in North America. With a diverse range of offerings that include modular office spaces, mobile classrooms, and portable storage units, WillScot addresses the needs of various sectors across the economy.
Expansive Network and Services
With a robust operational framework, WillScot is headquartered in Phoenix and operates around 260 branch locations along with numerous drop lots throughout the United States, Canada, and Mexico. The company is dedicated to providing comprehensive space solutions that not only meet immediate needs but also add significant value through quality services and products.
Frequently Asked Questions
What are the Consent Solicitations related to?
The Consent Solicitations involved amending the terms of WillScot's Senior Secured Notes due 2029 and 2031.
What was the outcome of the Consent Solicitations?
WillScot successfully received enough consents from note holders to amend the indentures for its Existing Notes.
How compensation is structured for those who consented?
Investors who validly consented will receive a cash payment of $500,000 distributed among them as per the amounts of their investments.
Who should investors contact for questions regarding the solicitations?
Investors can contact D.F. King & Co., Inc. for inquiries related to the Consent Solicitations.
What services does WillScot provide?
WillScot offers a range of temporary space solutions including modular offices, mobile classrooms, portable storage, and other related services tailored for diverse industries.
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