Mobile Mini Announces Execution of a $1.0 Billion Refinancing
March 25 2019 - 6:30AM
Business Wire
Mobile Mini, Inc. (NASDAQ GS:MINI) (the “Company” or
“Mobile Mini”), the world’s leading provider of portable storage
solutions and a leading provider of tank and pump solutions
in the United States, announced that it has entered into an
amended and restated asset-based revolving credit facility on March
22, 2019. The new $1.0 billion facility provides for a
five-year, revolving line of credit facility maturing in March
2024, replacing 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.
About Mobile Mini, Inc.
Mobile Mini, Inc. is the world’s leading provider of portable
storage solutions, and a leading provider of tank and pump
solutions in the U.S. Mobile Mini is included on the Russell 2000®
and 3000® Indexes and the S&P Small Cap Index. For more
information visit www.mobilemini.com.
Forward-Looking Statements
This news release contains forward-looking statements,
including, but not limited to our expectations regarding continued
growth and savings, which involve risks and uncertainties that
could cause actual results to differ materially from those
currently anticipated. Risks and uncertainties that may affect
future results include those that are described from time to time
in the Company’s SEC filings. These forward-looking
statements represent the judgment of the Company, as of the date of
this release, and Mobile Mini disclaims any intent or
obligation to update forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190325005132/en/
Van A Welch, Executive VP & CFOMobile Mini, Inc.(602)
308-3879www.mobilemini.com-or-INVESTOR RELATIONS
COUNSEL:The Equity Group Inc.Fred Buonocore, CFA (212)
836-9607Kevin Towle (212) 836-9620
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