BofA Agents Amended Revolver for Algeco Scotsman
Algeco/Scotsman Holding S.à r.l. announced certain of its U.S., Canadian, U.K., Australian and New Zealand subsidiaries entered into an amended facility with Bank of America as collateral agent and administrative agent.
The credit agreement amends and restates the revolving syndicated facility agreement, dated as of October 11, 2012, and provides for an upsizing of the credit facility by up to $500 million. In connection, the borrowers entered into a U.S. revolver commitment increase supplement in order to establish an incremental revolving credit facility. The supplement will increase the aggregate revolving commitments under the agreement by $155 million, subject to certain customary conditions.
It also provides that Algeco Scotsman’s subsidiary, Target Logistics Management, and its subsidiaries, may, at the option of Algeco Scotsman and upon the termination of certain existing capital leases, become borrowers and have their assets included in the applicable borrowing base calculations. Additionally, the agreement provides for, among other things, an increase in the basket for capital leases and sale-leasebacks from €35 million ($47.7 million) to €50 million ($68.1 million), for the ability for certain “non-recourse” subsidiaries in the U.S. and Canada to incur non-recourse indebtedness that is not guaranteed by a loan party and for modifications to several commitment size thresholds, including but not limited to the triggers for a borrowing base test event, a cash dominion event and a financial covenant test event.
Baltimore-headquartered Algeco Scotsman is a global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management.