Simpson Thacher recently represented Algeco Scotsman, a portfolio company of TDR Capital, in its issuance and sale of $1,075,000,000 aggregate principal amount of 8.50% Senior Secured Notes due 2018, €275,000,000 aggregate principal amount of 9.00% Senior Secured Notes due 2018 and $745,000,000 aggregate principal amount of 10.25% Senior Unsecured Notes due 2019 pursuant to Rule 144A and Regulation S, and the entry into a $1,200,000,000 global multi-currency asset-based credit facility by subsidiaries of Algeco Scotsman located in the United States, Canada, the United Kingdom, Australia and New Zealand. Algeco Scotsman used the proceeds of the offerings and borrowings under its new credit facility to refinance its existing debt facilities and finance the contribution of Ausco Modular to Algeco Scotsman by TDR Capital.
Algeco Scotsman is the leading global business services provider of modular space and portable storage products with a lease fleet consisting of approximately 340,000 units. Algeco Scotsman leases its modular space and portable storage units to customers in diverse end-markets, including energy and resources, commercial, industrial, manufacturing, residential and heavy construction, government and education. Ausco Modular is the leading provider of modular space products in Australia and New Zealand.
The Simpson Thacher team included Ken Wallach, David Azarkh, Lauren Yoon and Kim De Glossop (Capital Markets); Marissa Wesely, Brett Pearlman, Kristin Marvin, Andrew Veit, Adam Glenn, Eva-Maria Aronovitch and Fan Wei (New York Credit), Stephen Short, Manas Chandrashekar, Anna Cumming and Christopher Akinrele (London Credit), Rob Holo, Jonathan Cantor and Jonathan Talansky (Tax); Mardi Merjian (Real Estate); David Rubinsky and Doug Tang (Benefits); Mike Isby (Environmental) and Samantha Himelman (Intellectual Property).
