Algeco Scotsman: Algeco Scotsman Announces Debt Package for Refinancing, Acquisition of Touax Solutions Modulaires SAS and Exercise of Put Option

BALTIMORE, Md., 2017-12-10 22:52 CET (GLOBE NEWSWIRE) --
Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, the "Algeco
Group") today announced that a finance special purpose vehicle that will be a
subsidiary of the Algeco Group has entered into a senior debt package arranged
by a syndicate of lending institutions and a preferred stock facility with a
group of other financing providers. The proceeds of this financing, or any debt
issued in lieu of the loans under the facilities (which replacement debt could
be in the form of loans, securities or other debt instruments, may be publicly
or privately placed and may be denominated in euros or US dollars), will be
used to refinance the existing capital structure of the Algeco Group, including
its existing Senior Secured Notes due 2018 and existing Senior Unsecured Notes
due 2019. In connection with this refinancing, a lending syndicate will provide
a new $400 million senior secured asset backed facility. The debt package is
contingent on the satisfaction of customary conditions, including the execution
and delivery of definitive documentation and the Algeco Group currently
contemplates that the refinancing will be completed in the first quarter of
2018. 

The Algeco Group also today announced the successful closing of the acquisition
by the Algeco Group of all of the shares of Touax Solutions Modulaires SAS
("TSM"), Touax's Modular Division Europe, from TSM's parent, Touax SCA. The
addition of TSM expands the Algeco Group's European presence to 18 countries
operating from over 150 locations, with a modular fleet of over 220,000
modules. The acquisition also reinforces the Algeco Group's leadership in the
modular construction market in both sales and rental and further strengthens
its position as a European market leader, most notably in France, Germany and
Poland. As a consequence of the acquisition, current TSM customers will
immediately have access to a wider catalogue of both high-quality products and
value-added services. 

In addition, the Algeco Group today announced that on December 6, 2017, it
exercised its put option with funds managed by TDR Capital LLP, with respect to
the shares of Williams Scotsman Holdings Corp. and WillScot Corporation
(formerly Double Eagle Acquisition Corp.) that the Algeco Group received as
part of the consideration for the previously announced sale of its North
American modular space and portable storage operations. The sale of the shares
has closed and the exercise price of $78.5 million has been received by the
Algeco Group and was used in part to fund the acquisition of TSM. 

Diarmuid Cummins, CEO Algeco Scotsman: "Today we announce two major steps
forward for the Algeco Group, both of which are fundamental components of our
stated objectives of maximizing value for our shareholders while ensuring that
all obligations to other stakeholders continue to be met.  Algeco's European
business is already the leader in the industry, and the addition of TSM will
further strengthen our European franchise and position, while the new debt
package ensures that we have the room to continue capturing the improving
performance not only in our European operations but also in our operations
throughout the rest of the world. 

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. In particular, we may not be
able to complete the refinancing on reasonable terms or at all, or realize the
anticipated benefits of the acquisition of TSM.  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 undertake 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 24 countries with a modular fleet of approximately 245,000 units
and 11,400 remote accommodations rooms. The company operates as 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. 

About Touax SCA

The Touax group is a French family group listed in the French stock market and
founded in 1855. Specialized in construction and operational leasing, the
history of Touax begins in the towing activity on rivers. Organized in 4
branches - shipping containers, modular buildings, river barges, and freight
railcars -  the Touax group is acting globally with the goal of providing
buildings, mobility solutions, responsiveness and flexibility to projects for
clients anywhere in the world. Through its four businesses, it serves local
markets locally as well as global trade through platforms in Europe, North
America, South America, and Asia, and meets companies' and local government's
needs for movable, flexible solutions. Touax has been listed in the stock
market since 1906, financial and corporate information on the group is public
and can be found on the Touax group website: http://www.touax.fr/en 

Disclaimer

This announcement does not constitute an offer to sell or the solicitation of
an offer to buy any security, and shall not constitute an offer, solicitation
or sale in the United States or in any jurisdiction in which, or to any persons
to whom, such offering, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any jurisdiction. 

Investor Relations Contact:
Scott Shaughnessy
Vice President, Finance
Algeco Scotsman
410-933-5921
[e-mail]