Algeco Scotsman completes US$2.8bn refinancing

Accommodation and space rental giant Algeco Scotsman has completed the US$2.8 billion refinancing of its debt and at the same time completed the integration of Ausco Modular in Australia and New Zealand

The new debt facility - which includes a $1.2 billion asset backed facility due in 2017 and $1.075 billion in 8.5% secured notes due in 2018 - will refinance both Algeco Scotsman's and Ausco's existing debt.

Algeco’s owner, UK-based private equity firm TDR Capital, acquired Ausco for around $688.7 million last year. TDR has now “contributed” Ausco to Algeco.

Algeco Scotsman operates as Williams Scotsman in North America, Algeco in continental Europe, Elliott in the UK, Eurobras in Brazil, Ausco in Australia, and Portacom in New Zealand. It has a fleet of more than 340000 units in 38 countries.