Item 1.01 Entry into a Material Definitive Agreement.
On June 30, 2022, Williams Scotsman, Inc. ("WSI") and certain other subsidiaries
of WillScot Mobile Mini Holdings Corp. entered into a fourth amendment (the
"Fourth Amendment") to the ABL Credit Agreement, dated as of July 1, 2020, (as
amended from time to time prior to the date of the Fourth Amendment, the "Credit
Agreement"), by and among WSI, the guarantors party thereto, the lenders party
thereto and Bank of America, N.A., as administrative agent, collateral agent and
swingline lender.
The Fourth Amendment amends the Credit Agreement to, among other things, (i)
extend the expiration date of the facility until June 30, 2027; (ii) provide
additional capacity for growth by increasing the aggregate principal amount of
revolving credit facilities to $3.70 billion and increasing capacity available
under the facility's accordion feature; (iii) convert the reference interest
rate for Existing Revolver Loans (as defined in the Fourth Amendment)
denominated in U.S. dollars from a LIBOR-based rate to a Term SOFR-based rate;
(iv) reduce the interest rate spreads above the Term SOFR based rate to 150
basis points, subject to customary adjustments; and (v) provide for an option to
incorporate pricing adjustments linked to future performance metrics related to
the Company's Environmental, Social, and Governance initiatives.
The foregoing description of the Fourth Amendment is qualified in its entirety
by reference to the full text of the Fourth Amendment, a copy of which is
attached to this Current Report on Form 8-K as Exhibit 10.1, and incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Exhibit Description
10.1 Fourth Amendment to the ABL Credit Agreement, dated as of June 30,
2022, by and among Williams Scotsman, Inc., Williams Scotsman Holdings
Corp., the other Loan Parties thereto and Bank of America, N.A. as
administrative agent, collateral agent and swingline lender.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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