WillScot Closes Amended and Extended Asset-Based Revolving Credit Facility

Core Viewpoint - WillScot Holdings Corporation has amended its asset-based lending credit facility to reduce borrowing costs and extend the maturity date to October 16, 2030, enhancing its liquidity position and growth capacity [1][2]. Summary by Sections Credit Facility Amendments - The credit facility has been right-sized to $3.0 billion, with an accordion feature expanded to $1.0 billion, allowing for significant growth capacity [2][4]. - The interest rate spreads above Term SOFR and Term CORRA have been reduced to a maximum of 137.5 basis points, down from 160 basis points, resulting in initial savings of 22.5 basis points [2][3]. Financial Impact - The company anticipates annual cash interest expense savings of approximately $5.0 million at current borrowing levels, with potential for further reductions [2]. - Additional interest rate reductions of 12.5 basis points will occur after September 30, 2026, if certain conditions regarding average availability and net leverage are met [3]. Current Financial Position - As of the transaction close, WillScot had approximately $1.4 billion in available borrowing capacity under the amended facility [4]. - The aggregate principal amount of the credit facility has been reduced from $3.7 billion to $3.0 billion, which will lower undrawn line fees [4]. Institutional Support - The amended facility is supported by a syndicate of financial institutions, with Bank of America N.A. serving as the Administrative Agent and Collateral Agent [5].