SOURCE: Algeco Scotsman

Algeco Scotsman

October 09, 2014 17:00 ET

Algeco Scotsman to Dissolve Subsidiary

BALTIMORE, MD--(Marketwired - Oct 9, 2014) -  Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, "Algeco Scotsman"), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, today announced that, effective on or around October 10, 2014, its subsidiary, Algeco Scotsman Global Finance Holding S.à r.l. ("ASGFH"), will be dissolved. ASGFH is a direct wholly-owned subsidiary of Algeco Scotsman Global S.à r.l. ("AS Global") and is the direct parent of Algeco Scotsman Global Finance plc ("Algeco Scotsman Global Finance"), the issuer of Algeco Scostman's $1.075 billion Senior Secured Notes due 2018, EUR 275 million Senior Secured Notes due 2018, and $745 million Senior Unsecured Notes due 2019 (collectively, the "Notes"). 

Upon the dissolution, AS Global will take over all of the assets and liabilities of ASGFH, including all of the shares of Algeco Scotsman Global Finance held by ASGFH, resulting in Algeco Scotsman Global Finance becoming a direct wholly-owned subsidiary of AS Global.

Each of AS Global and ASGFH had granted security to secure the secured obligations under the Notes and under the group's Amended and Restated Revolving Syndicated Facility Agreement, dated December 19, 2013, as amended. The security included pledges over the shares of ASGFH and Algeco Scotsman Global Finance. Except for the pledge over the shares of Algeco Scotsman Global Finance which will be assumed by AS Global and a charge by Algeco Scotsman Global Finance over an inter-company payable owed to it by ASGFH which will be assumed by AS Global, all other security over the shares and assets of ASGFH will be released and terminated as from the dissolution of ASGFH.

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 over 300,000 units. The company operates as Williams Scotsman and Target Logistics in North America, Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, Eurobras in Brazil and Algeco Chengdong in China.

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