BALTIMORE, MD -- (Marketwired) -- 12/19/13 -- Algeco/Scotsman Holding S.a 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 certain of its U.S., Canadian, U.K., Australian and New Zealand subsidiaries (the "Borrowers") entered into an Amended and Restated Revolving Syndicated Facility Agreement, dated December 19, 2013 (the "A&R Credit Agreement"), with Bank of America, N.A., as collateral agent and administrative agent, and the financial institutions parties thereto. The A&R Credit Agreement amends and restates the Revolving Syndicated Facility Agreement, dated as of October 11, 2012, as previously amended from time to time prior to the A&R Credit Amendment. Capitalized terms not otherwise defined in this press release have the meanings set forth in the A&R Credit Agreement.
The A&R Credit Agreement provides for an upsizing of the credit facility by up to US$500 million. Subject to the terms and conditions of the A&R Credit Agreement, the Borrowers may request incremental increases in the revolving commitments and/or incremental term loans up to a combined aggregate amount of US$500 million so long as the borrowing restrictions and other terms and conditions set forth in the A&R Credit Agreement are satisfied. In connection therewith, the Borrowers entered into a U.S. Revolver Commitment Increase Supplement (the "Increase Supplement") in order to establish an incremental revolving credit facility. The Increase Supplement will increase the aggregate revolving commitments under the A&R Credit Agreement by $155 million, subject to certain customary conditions as further described therein and in the A&R Credit Agreement.
The A&R Credit Agreement also provides that Algeco Scotsman's subsidiary, Target Logistics Management, LLC, and its subsidiaries, may at the option of Algeco Scotsman and upon the termination of certain existing capital leases, become Borrowers and have their assets included in the applicable Borrowing Base calculations. Additionally, the A&R Credit Agreement provides, among other things, for an increase in the basket for Capital Leases and Sale-Leasebacks from EUR 35 million to EUR 50 million, for the ability for certain "non-recourse" subsidiaries in the U.S. and Canada to incur non-recourse indebtedness that is not guaranteed by a Loan Party, and for modifications to several commitment size thresholds, including but not limited to the triggers for a Borrowing Base Test Event, a Cash Dominion Event, and a Financial Covenant Test Event.
The above summaries of the A&R Credit Agreement and the Increase Supplement are summaries only and are qualified in their entirety by reference to the full text of the A&R Credit Agreement and the Increase Supplement, copies of which will be available at http://www.algecoscotsman.com/en/investors.html.
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 a 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 approximately 306,000 units. The company operates as Williams Scotsman in North America, Algeco in Continental Europe, Elliott in the United Kingdom, Eurobras in Brazil, Ausco in Australia, Portacom in New Zealand and Target Logistics globally.