BALTIMORE, Aug. 03, 2018 (GLOBE NEWSWIRE) -- WillScot Corporation (Nasdaq: WSC), a specialty rental services market leader providing innovative modular space and portable storage solutions across North America, today announced that its indirect subsidiary Mason Finance Sub, Inc. has completed its offering of $200 million in aggregate principal amount of senior unsecured notes due 2023. WillScot intends to use the offering proceeds, together with funds from other sources, to finance its pending acquisition of Modular Space Holdings, Inc. and to pay related fees and expenses.
The Issuer, a wholly-owned subsidiary of Williams Scotsman International, Inc. (“WSII”), was formed to issue notes to help finance the ModSpace Acquisition. The initial purchasers deposited the gross offering proceeds into an escrow account and, upon consummation of the ModSpace Acquisition and the satisfaction of other conditions, the escrowed proceeds will be released to fund the ModSpace Acquisition and to pay related fees and expenses. Upon the closing of the ModSpace Acquisition, the Issuer will also merge with and into WSII, with WSII continuing as the surviving corporation, and WSII will assume the obligations of the Issuer under the Notes and the indenture governing the Notes. If the ModSpace Acquisition is not completed by a specified date or certain other events occur, the Notes will be subject to a special mandatory redemption.
About WillScot Corporation
Headquartered in Baltimore, Maryland, WillScot Corporation is the public holding company for the Williams Scotsman family of companies in the United States, Canada and Mexico. WillScot Corporation trades on the NASDAQ stock exchange under the ticker symbol “WSC.” WillScot is a specialty rental services market leader providing innovative modular space and portable storage solutions across North America. WillScot is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and strategic acquisitions, its branch network includes over 100 locations, its fleet comprises nearly 100,000 modular space and portable storage units, and its customer base has grown to approximately 35,000.
