BALTIMORE, MD--(Marketwired - Mar 24, 2014) - Algeco/Scotsman Holding S.à r.l. ("Algeco Scotsman" and together with its subsidiaries, the "Algeco Scotsman Group"), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, today announced that certain of its U.S., Canadian, U.K., Australian and New Zealand subsidiaries (the "Borrowers") entered into Amendment No. 1 (the "Amendment") to the Amended and Restated Revolving Syndicated Facility Agreement, dated December 19, 2013 (the "Credit Agreement"), with Bank of America, N.A., as collateral agent and administrative agent, and the financial institutions parties thereto. Capitalized terms not otherwise defined in this press release have the meanings set forth in the Credit Agreement, as amended by the Amendment.
The Amendment allows the Borrowers to irrevocably elect to apply U.S. generally accepted accounting principles ("U.S. GAAP"), provide financial statements and reports prepared in accordance with U.S. GAAP, and calculate covenants, ratios, and other metrics using U.S. GAAP, each in lieu of International Financial Reporting Standards ("IFRS"). The Amendment also provides that the Borrowers will deliver financial statements and calculate covenants, ratios, and other metrics in U.S. Dollars, in lieu of Euros.
The companies belonging to the Algeco Scotsman Group plan to report their financial results in U.S. Dollars beginning with their fiscal year 2013 annual financial statements, pursuant to the Credit Agreement, their senior secured and senior unsecured notes indentures, and their payment-in-kind debt loan agreement. The Algeco Scotsman Group has no immediate plans to convert from IFRS to U.S. GAAP.
The above summary of the Amendment is a summary only and is qualified in its entirety by reference to the full text of the Amendment, a copy of which will be available at www.algecoscotsman.com/en/investors.html.
Cautionary Notice Regarding Forward Looking Statements
This press release may contain forward-looking statements, which reflect Algeco Scotsman's expectations regarding its future operational and financial performance. Although any forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, Algeco Scotsman undertakes no obligation, and specifically declines any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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 37 countries with a modular fleet of approximately 303,000 units. The company operates as Williams Scotsman in North America, Algeco in Continental Europe, Elliott in the United Kingdom, Eurobras in Brazil, Ausco in Australia, Portacom in New Zealand and Target Logistics globally.