Allen & Overy's U.S. team advise on WillScot and Mobile Mini merger, creating an American leader in modular space and portable solutions
01 July 2020
The transaction closed on July 1, 2020, and in connection with the merger WillScot changed its name to WillScot Mobile Mini Holdings Corp. and will continue to trade on Nasdaq under the ticker symbol “WSC.” A&O advised on all aspects of the merger, including financing, SEC and antitrust matters. In connection with the transaction, A&O advised WillScot, through its subsidiary, Williams Scotsman International, Inc., on the issuance of $650 million in aggregate principal amount of senior secured notes due 2025 and financing commitments for and entry into a new $2.4 billion asset-based revolving credit facility. The proceeds from the notes offering together with $1.4 billion of borrowings under the new credit facility were used to pay fees and expenses related to the transaction and to repay WillScot’s and Mobile Mini’s existing asset-based credit facilities, WillScot’s senior secured notes due 2022 and all of Mobile Mini’s outstanding senior notes.
A&O’s M&A deal team was led by New York partners Bill Schwitter and Beth Troy, and its financing and capital markets teams were led by New York partners Jeff Pellegrino and Judah Frogel and Senior Counsel Sarah Travis and Jonathan Homer. The transaction also involved leveraging Allen & Overy’s global expertise across a variety of specialist areas.
“Creating a market leader by combining separate publicly-traded entities takes multi-disciplinary expertise, coordination and collaboration, which are hallmarks of the Allen & Overy ethos,” said Bill Schwitter. “It has been a pleasure to work with the WillScot team at each stage of the transaction, and deliver a positive outcome for both WillScot and Mobile Mini, notwithstanding the challenging macro environment.”