Williams Scotsman Announces Pricing Of Upsized Common Stock Offering

BALTIMORE, July 26, 2018 (GLOBE NEWSWIRE) -- WillScot Corporation (Nasdaq:WSC) (“WillScot”), a specialty rental services market leader providing innovative modular space and portable storage solutions across North America, today announced the pricing of an underwritten public offering (the “Offering”) of 8,000,000 shares of its Class A common stock, par value $0.0001 (“Common Stock”) at a price to the public of $16.00 per share, which was upsized from the previously announced offering of 7,000,000 shares. In connection with the Offering, WillScot has granted the underwriters an option for 30 days to purchase up to an additional 1,200,000 shares of its Common Stock sold at the public offering price, less the underwriting discount. Subject to customary closing conditions, the Offering is expected to settle and close on or about July 30, 2018.

The gross proceeds of the Offering will be approximately $128.0 million. WillScot intends to use the net proceeds to fund, in part, the purchase price of its pending acquisition (the “ModSpace Acquisition”) of Modular Space Corporation (d/b/a “ModSpace”). WillScot expects to fund the balance of the purchase price and pay related fees and expenses with the net proceeds from debt financing. The Offering is not contingent on the closing of the ModSpace Acquisition or any debt financing. If, for any reason, the ModSpace Acquisition does not close, WillScot intends to use the net proceeds from the Offering for general corporate purposes.

Barclays, Deutsche Bank Securities, Morgan Stanley, BofA Merrill Lynch, Credit Suisse and ING are acting as joint book-running managers for the Offering.

The Offering is being made pursuant to an effective shelf registration statement, as amended, including a base prospectus, that has been filed with the Securities and Exchange Commission (the “SEC”) and declared effective on April 3, 2018 and is available on the SEC website. A preliminary prospectus supplement and the accompanying base prospectus related to the Offering have been filed with the SEC on July 24, 2018 and are available on the SEC website. Copies of these documents may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: (888) 603-5847 or email: Barclaysprospectus@broadridge.com), Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005 (telephone (800) 503-4611 or email: prospectus.cpdg@db.com), Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, and BofA Merrill Lynch, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 (email: dg.prospectus_requests@baml.com).

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and ...

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