Algeco Scotsman - New Issue Comment
TRANSACTION OVERVIEW
Algeco, the world’s leading provider of modular buildings/offices, is offering i) €1.1bn (equivalent) of senior secured notes split between 5NC2 fixed-rate notes (in Euro and US Dollar) and 5NC1 floating-rate notes (in Euro); and ii) €295m (equivalent) of 5.5NC2 senior unsecured notes (in US Dollar). Along with a new ABL facility ($400m) and a $386m preferred equity contribution, the proceeds will be used to refinance outstanding Algeco notes and to repay the existing ABL facility. The ratings for the secured notes and the unsecured notes are B–/B2 and CCC/Caa1 respectively. The roadshow is expected to run until Monday 5 February with pricing thereafter.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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