Item 8.01 Other Events
Williams Scotsman, Inc. ("WSI") and certain other subsidiaries of WillScot
Mobile Mini Holdings Corp. are parties to an ABL Credit Agreement, dated as of
July 1, 2020 (as amended through a fourth amendment, dated June 30, 2022, the
"ABL Facility"), 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. On January 25, 2023, the Company entered into two
interest rate swap agreements with financial counterparties relating to an
aggregate of $750 million in notional amount of variable-rate debt under the ABL
Facility. On January 25, 2023, WSI executed an interest rate swap agreement with
Deutsche Bank AG that is effective January 27, 2023. The swap has a notional
amount of $450 million and provides for WSI to pay an interest rate of 3.4385%
and receive a variable interest rate equal to one-month term SOFR, with a
maturity date of June 30, 2027. On January 25, 2023, WSI also executed an
interest rate swap agreement with Bank of the West that is also effective
January 27, 2023. The swap has a notional amount of $300 million and provides
for WSI to pay an interest rate of 3.4425% and receive a variable interest rate
equal to one-month term SOFR, with a maturity date of June 30, 2027. The
weighted average effective interest rate for the combined trade is approximately
3.44%. The swap agreements were designated and qualified as hedges of the
Company's exposure to changes in interest payment cash flows created by
fluctuations in variable interest rates on the ABL Facility.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
No. Exhibit Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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