Item 1.01 Entry into a Material Definitive Agreement.
Supplemental Indentures
In connection with an internal tax-related reorganization (the "Reorganization")
involving indirect wholly-owned subsidiaries of WillScot Mobile Mini Holdings
Corp., a Delaware corporation (the "Company"), on December 23, 2021, Williams
Scotsman International, Inc., a Delaware corporation ("WSII"), merged with and
into its direct wholly-owned subsidiary, Williams Scotsman, Inc., a Maryland
corporation ("WSI"), with WSI as the surviving entity of such merger (the
"Merger"). The Reorganization, including the Merger, was effected to reduce
administrative costs and simplify the Company's subsidiary structure.
In connection with the Merger, on December 23, 2021, WSI, the guarantors party
thereto and Deutsche Bank Trust Company Americas, as trustee and as collateral
agent (in such capacities, the "Trustee"), entered into (i) a Supplemental
Indenture (the "2025 Notes Supplemental Indenture") in relation to that certain
Indenture, dated as of June 15, 2020, (as amended, amended and restated,
supplemented or otherwise modified from time to time, the "2025 Notes
Indenture"), by and among WSII (as successor to Picasso Finance Sub, Inc.), as
issuer, the guarantors from time to time party thereto and the Trustee in
respect of WSII's 6.125% Senior Secured Notes due 2025 and (ii) a Supplemental
Indenture (the "2028 Notes Supplemental Indenture" and together with the 2025
Notes Supplemental Indenture, the "Supplemental Indentures") in relation to that
certain Indenture, dated as of August 25, 2020, (as amended, amended and
restated, supplemented or otherwise modified from time to time, the "2028 Notes
Indenture" and together with the 2025 Notes Indenture, the "Indentures"), by and
among WSII (as successor to Picasso Finance Sub, Inc.), as issuer, the
guarantors from time to time party thereto and the Trustee in respect of WSII's
4.625% Senior Secured Notes due 2028, pursuant to which WSI assumed all of
WSII's obligations and rights under each Indenture, and the guarantors party to
each Supplemental Indenture confirmed their respective guarantees under each
Indenture. Prior to its entry into the Supplemental Indentures, WSI was a
guarantor under each Indenture and jointly and severally liable for WSII's
obligations under each Indenture. Following the Reogranization and the entry
into the Supplemental Indentures and the Third Amendment, dated December 16,
2021, to the ABL Credit Agreement, dated July 1, 2020 (as amended by the First
Amendment, dated as of December 2, 2020, by the LIBOR Transition Amendment,
dated as of December 6, 2021, and as further amended, amended and restated,
supplemented or otherwise modified from time to time, the "ABL Facility"), there
is no change to the consolidated operating cash flows of the obligors under the
Indentures and the ABL Facility or the consolidated assets of such obligors
pledged as collateral under the Indentures and the ABL Facility.
The foregoing description of the Supplemental Indentures is qualified in its
entirety by reference to the full text of the 2025 Notes Supplemental Indenture
and the 2028 Notes Supplemental Indenture, copies of which are attached to this
Current Report on Form 8-K as Exhibit 4.1 and 4.2, respectively, and
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Exhibit Description
4.1 Second Supplemental Indenture, dated December 23, 2021, by and
among Williams Scotsman, Inc., the guarantors party thereto and
Deutsche Bank Trust Company Americas, as trustee and collateral
agent
4.2 First Supplemental Indenture, dated December 23, 2021, by and
among Williams Scotsman, Inc., the guarantors party thereto and
Deutsche Bank Trust Company Americas, as trustee and collateral
agent
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
© Edgar Online, source Glimpses