WillScot Holdings Announces Results of Consent Solicitations for Existing Notes
On March 24, 2025, WillScot Holdings Corporation (WillScot), a leading provider of innovative temporary space solutions, announced the expiration and results of the consent solicitations (the “Consent Solicitations”) of its indirect subsidiary, Williams Scotsman, Inc. (WSI), regarding the adoption of certain amendments (the “Proposed Amendments”) to the indentures governing its 6.625% Senior Secured Notes due 2029 and 7.375% Senior Secured Notes due 2031 (together, the “Existing Notes”).
Background
WillScot initiated the Consent Solicitations on March 17, 2025, inviting holders of the Existing Notes to consent to the Proposed Amendments. The Proposed Amendments included modifications to the definition of “Liens,” which would allow WSI to issue additional secured indebtness without the consent of the holders of the Existing Notes, and the elimination of certain restrictive covenants.
Results of the Consent Solicitations
According to WillScot’s announcement, the Consent Solicitations expired at 5:00 p.m., New York City time, on March 23, 2025. The Company reported that, as of the expiration, holders of approximately 97.4% of the outstanding principal amount of the 2029 Notes and 99.8% of the outstanding principal amount of the 2031 Notes had delivered their consents to the Proposed Amendments.
Impact on WillScot
With the required consents secured, WillScot can now proceed with implementing the Proposed Amendments, which will provide the Company with increased financial flexibility. The elimination of certain restrictive covenants will enable WillScot to pursue strategic opportunities more efficiently, while the ability to issue additional secured indebtness without the consent of the Existing Notes’ holders will help the Company manage its capital structure more effectively.
Impact on the World
The successful completion of the Consent Solicitations could have a ripple effect on the broader market, particularly in the temporary space solutions industry. By securing the necessary consents, WillScot demonstrates its ability to effectively manage its debt and navigate the financial markets. This could potentially encourage other companies in the industry to explore similar restructuring opportunities, leading to increased competition and innovation.
Conclusion
In summary, WillScot Holdings Corporation’s announcement of the successful completion of the Consent Solicitations for its Existing Notes marks a significant milestone for the Company. The adoption of the Proposed Amendments will provide WillScot with increased financial flexibility, enabling it to pursue strategic opportunities more efficiently. Furthermore, the successful outcome of the Consent Solicitations could serve as a catalyst for other companies in the temporary space solutions industry, spurring innovation and competition.
- WillScot Holdings Corporation successfully secured consents from holders of approximately 97.4% of the outstanding principal amount of the 2029 Notes and 99.8% of the outstanding principal amount of the 2031 Notes for the adoption of certain Proposed Amendments to the indentures governing the Existing Notes.
- The Proposed Amendments include modifications to the definition of “Liens” and the elimination of certain restrictive covenants, providing WillScot with increased financial flexibility and enabling it to manage its capital structure more effectively.
- The successful completion of the Consent Solicitations could serve as a catalyst for other companies in the temporary space solutions industry, spurring innovation and competition.
