BALTIMORE, September 27 /CNW/ - Williams Scotsman International, Inc.
(NASDAQ: WLSC) today announced that its wholly-owned subsidiary, Williams
Scotsman, Inc., has elected to optionally redeem all of its outstanding 8 1/2%
Senior Notes Due 2015 (CUSIP Number US96949VAK98) (the "Notes"). The
redemption date for the Notes will be October 31, 2007.
In accordance with the terms of the indenture governing the Notes, the
redemption of the Notes is conditional upon the consummation of the previously
announced merger of a subsidiary of Ristretto Group S.a.r.l. with and into
Williams Scotsman International, Inc. In the event that the merger is not
consummated on or prior to the redemption date, the notice of redemption will
be automatically revoked with no further action required on the part of
Williams Scotsman, Inc. or the trustee for the Notes.
The aggregate principal amount of the Notes being redeemed is
$450,000,000. The redemption price for the Notes is equal to (i) 100% of the
principal amount of the Notes plus (ii) a make-whole premium plus (iii)
accrued and unpaid interest to the redemption date. The make-whole premium
will be calculated using a discount rate equal to (a) the yield on certain
U.S. treasury securities (as determined at least two business days prior to
the redemption date) plus (b) 50 basis points.
About Williams Scotsman International, Inc.
Williams Scotsman International, Inc., through its subsidiaries, is a
leading provider of mobile and modular space solutions for multiple industry
sectors, including the construction, education, commercial, healthcare and
government markets. The company serves over 30,000 customers, operating a
fleet of over 121,000 modular space and storage units that are leased through
a network of more than 100 locations throughout North America and Spain.
Williams Scotsman International, Inc. provides delivery, installation, and
other services, and sells new and used mobile office products. Williams
Scotsman International, Inc. also manages large modular building projects from
concept to completion. Williams Scotsman International, Inc. is a publicly
traded company (NASDAQ: WLSC) headquartered in Baltimore, Maryland with
operations in the United States, Canada, Mexico, and Spain. For additional
information, visit the company's web site at www.willscot.com, call (410)
931-6066, or email to firstname.lastname@example.org.
Cautionary Language Concerning Forward-Looking Statements
Statements herein regarding the redemption of the Notes, the proposed
transaction between Ristretto Group S.a.r.l., Ristretto Acquisition Corp.,
Ristretto Holdings SCA and Williams Scotsman International, Inc., future
financial and operating results, benefits and synergies of the transaction,
future opportunities for the combined company and any other statements about
future expectations constitute forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements are
based upon current beliefs and expectations and are subject to significant
risks and uncertainties. There are a number of important factors that could
cause actual results or events to differ materially from those indicated by
such forward looking statements, including: the ability to obtain governmental
approvals of the transaction on the proposed terms and schedule and the
failure of Williams Scotsman International, Inc.'s stockholders to approve the
transaction. Additional factors that may affect future results are contained
in each company's filings with the Securities and Exchange Commission ("SEC"),
including each company's Annual Report on Form 10-K for the year ended
December 31, 2006, which are available at the SEC's Web site
http://www.sec.gov. The information set forth herein speaks only as of the
date hereof, and any intention or obligation to update any forward looking
statements as a result of developments occurring after the date hereof is
For further information:
For further information: Williams Scotsman International, Inc. Robert C.
Singer, 410-931-6108 Chief Financial Officer