SOURCE: Algeco Scotsman

Algeco Scotsman

November 20, 2017 12:39 ET

Statement Regarding Withdrawal of Complaint Filed on Behalf of Senior Unsecured Noteholders

This announcement is for informational purposes only, and is not intended to, and does not, constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities of the Algeco Group (as defined below). This announcement is not for distribution or release in or into any jurisdiction in which offers or sales would be prohibited by applicable law.

BALTIMORE, MD--(Marketwired - Nov 20, 2017) - Algeco/Scotsman Holding S.à r.l. ("AS Holding" and together with its subsidiaries, the "Algeco Group"), has been informed that its sponsor TDR Capital has entered into an agreement with certain holders of the Algeco Group's 10.75% senior unsecured notes due 2019 (the "Senior Unsecured Notes") regarding bringing forward its commitment (previously made to former holders of certain PIK loans guaranteed by AS Holdings) to (or cause one of its affiliates to) invest and/or equitize debt securities of $250 million into the Algeco Group to the business day following the closing of the previously-announced sale of its North American modular space and portable storage operations to Williams Scotsman Holdings Corp., a newly-formed subsidiary of Double Eagle Acquisition Corp., a publicly traded special purpose acquisition company. Furthermore TDR Capital has also agreed to purchase $125 million of Senior Unsecured Notes at a price of $950 per $1,000 principal amount, plus accrued interest, from certain holders. In addition, the holders of the Senior Unsecured Notes have instructed the Senior Unsecured Notes trustee to immediately dismiss, in its entirety, the litigation against certain members of the Algeco Group, TDR Capital and Double Eagle Acquisition Corp., among others, currently pending in the Supreme Court for the State of New York with respect to the sale of its North American modular space and portable storage operations, and to withdraw the complaint made against all defendants, including the Algeco Group, TDR Capital and Double Eagle Acquisition Corp in that litigation. Further, the issuer of the Senior Unsecured Notes has agreed to execute and deliver a supplemental indenture providing for additional or modified covenants.

Cautionary Notice Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect the Algeco Group's expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. 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, we undertakes no obligation, and specifically decline 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 25 countries with a modular fleet of approximately 276,000 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, and Algeco Chengdong in China.

Contact Information

  • Investor Relations Contact:
    Scott Shaughnessy
    Vice President, Finance
    Algeco Scotsman
    410-933-5921
    Email Contact