Algeco Scotsman Announces Additional Notes Funding

BALTIMORE, MD--(Marketwired - Oct 17, 2017) -  Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, "Algeco Scotsman"), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, today announced that its subsidiary, Algeco Scotsman Global S.à r.l. (the "Issuer"), entered into a notes indenture (the "Indenture") with an affiliate (the "Holder") of its ultimate majority shareholder, TDR Capital LLP, pursuant to which the Issuer issued $72.0 million of 8.5% senior secured notes (the "Notes") to the Holder. The Notes will be due on the earlier of (i) October 15, 2018 and (ii) the date, notified by the Issuer to the Holders, which is no later than the 15^th Business Day after closing of the sale by AS Holding or any of its affiliates of all of the capital stock of its North American modular space and portable storage operations ("Williams Scotsman"). The Notes bear interest, payable semi-annually. The Indenture contains covenants and events of default similar to those of the indenture governing the senior secured notes (the "Senior Secured Notes"), entered into by, among others, Algeco Scotsman Global Finance plc and dated as of October 11, 2012. The Indenture also includes a covenant by the Issuer to use commercially reasonable efforts to complete, within 45 calendar days of a request to the Issuer from holders of not less than a majority in aggregate principal amount of the then outstanding Notes, (i) the accession of Algeco Scotsman Global Finance plc and the guarantors of the Senior Secured Notes to the Indenture as guarantors, and (ii) the execution of substantially the same security documents (as amended for structure) as entered into for the issuance of the additional Senior Secured Notes on May 24, 2017. Algeco Scotsman will use the proceeds from the Notes for general corporate purposes. The additional liquidity provided by the Notes will enable Algeco Scotsman to continue to pursue organic and inorganic growth opportunities primarily in relation to the improving macro-economic environment in Europe and to support the rebuilding and restoration efforts following the natural disasters in the U.S.

The information contained within this announcement is deemed by Algeco Scotsman to constitute inside information for purposes of the Market Abuse Regulations (EU) No. 596/2014.

Cautionary Notice Regarding Forward Looking Statements

This press release and other oral and written statements by representatives of Algeco Scotsman may include forward-looking statements. These statements are identified by words such as "future," "anticipate", "intend,", "plan," "estimate," "believe," "expect," "project," "forecast," "could," "would," "should," "will," "may," and similar expressions of future intent or the negative of such terms. Although any such forward-looking statements reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements, including: the ability to complete planned transactions; the condition of the global capital and credit markets; global economic conditions, including in the industries supported by Algeco Scotsman; changes in demand within key industry end-markets and geographic regions; the competitive environment in which Algeco Scotsman operates; changes in federal, state and local laws and regulations, including in state building codes; changes in raw material and labor costs; ability to engage with manufacturers if existing relationships are discontinued; and ability to retain and recruit key personnel. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements.

There may be additional risks that Algeco Scotsman does not presently know or that Algeco Scotsman currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements provide Algeco Scotsman's expectations, plans or forecasts of future events and views as of the date of this press release. Subsequent events and developments will cause these assessments to change. However, while Algeco Scotsman may elect to update these forward-looking statements at some point in the future, Algeco Scotsman specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Algeco Scotsman's assessments as of any date subsequent to the date of this press release.

No Offer or Solicitation

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy or an invitation to purchase any securities in any jurisdiction in connection with the issuance of Notes or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

About Algeco Scotsman

Algeco Scotsman is the leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management. Headquartered in Baltimore, Algeco Scotsman has operations in 25 countries with a modular fleet of approximately 275,000 units. The company operates as Williams Scotsman and Target Logistics in North America, Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.