According to an 8-K filing, Deutsche Bank, New York Branch acted as administrative agent on a new $1 billion five-year, revolving line of credit for Mobile Mini, a provider of portable storage solutions and tank and pump solutions.
The amended and restated asset-based revolving credit facility will mature in March 2024 and replaces the current credit facility that was going to mature in December 2020.
The company’s applicable interest rate margin remains in the range of 1.25% to 1.75% for LIBOR loans, where the interest rate margin at closing continues to be 1.50%. The unused line fee in respect of the unutilized commitments will reduce from 0.25% to 0.225% per annum.
Van Welch, Mobile Mini’s executive vice president and chief financial officer, remarked, “We are pleased with the refinancing as it extends the maturity and provides us with ongoing financial flexibility to support the company’s continued growth. Our strong operating and free cash flow performance has increased availability under the facility to more than $400 million as of the closing date.”
Obligations under the credit facility are secured by a blanket lien on substantially all of Mobile Mini’s rental fleet and other assets. In accordance with the terms of the credit facility, Mobile Mini’s rental fleet was appraised as of September 30, 2018 and assigned net orderly liquidation values consistent with the prior year’s appraisal.