Algeco Scotsman Announces Discussions Regarding Five-Year EUR 250 - EUR 300 Million PIK Debt Instrument


BALTIMORE, MD--(Marketwired - Apr 11, 2013) - Algeco Scotsman Global S.á r.l. ("AS") announced today that its ultimate parent company, Algeco/Scotsman Holding S.á r.l. ("ASH"), is currently in discussions with a group of third-party investors regarding a five-year U.S. dollar-denominated payment-in-kind debt instrument (the "PIK Debt") in an initial aggregate principal amount of between EUR 250 million and EUR 300 million. The issuance of the PIK Debt is expected to fund a dividend payment, net of transaction fees and expenses, to ASH's shareholders, including its majority shareholder, TDR Capital. The transaction would return less than 20% of TDR Capital's total invested capital in the Algeco Scotsman group.

Neither AS nor any of its subsidiaries, which comprise the entire restricted group under the existing bond and bank facilities, will be obligors or guarantors under the PIK Debt.

Negotiations with investors are on-going and no assurances can be given that a transaction will be completed. The contemplated structure and terms remain subject to change.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the PIK Debt. The PIK Debt will not and has not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom.

Cautionary Notice Regarding Forward Looking Statements

This press release contains forward-looking statements, which reflect Algeco Scotsman's expectations regarding its future operational and financial performance. Although the 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 the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the 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 a leading global business services provider focused on modular space, secure portable storage solutions and remote workforce accommodations. Operating as Williams Scotsman and Target Logistics in North America, Algeco in Continental Europe, Elliott in the United Kingdom, Eurobras in Brazil, Ausco in Australia, and Portacom in New Zealand, the company manages a fleet of more than 310,000 units, with operations in 37 countries including Australia, Austria, Belgium, Brazil, Canada, China, Czech Republic, Finland, France, Germany, Hungary, Italy, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, United Arab Emirates, United Kingdom, and United States.