Algeco Scotsman announces cancellation of certain senior secured notes and senior unsecured notes

December 5th 2017

Baltimore (December 5, 2017) - Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, the "Algeco Group") today announced that its subsidiary, Algeco Scotsman Global S.à r.l. ("Holdings"), has released and forgiven the principal amount (excluding accrued interest) owed by its subsidiary, Algeco Scotsman Global Finance plc (the "Issuer"), under:

  1. $106,150,000 aggregate principal amount of 8½% Senior Secured Notes due 2018 (the "Cancelled Senior Secured Notes"); and
  2. $143,850,000 aggregate principal amount of 10¾% Senior Unsecured Notes due 2019 (the "Cancelled Senior Unsecured Notes" and, together with the Cancelled Senior Secured Notes, the "Cancelled Notes").

As previously announced, the Algeco Group's sponsor, TDR Capital, equitized the Cancelled Notes on November 30, 2017. Under the equitization, Holdings ultimately received the Cancelled Notes from its immediate parent, Algeco Scotsman Limited Partnership SLP, pursuant to an equity contribution. The release and forgiveness of the Cancelled Notes was agreed on November 30, 2017, and effectuated on December 1, 2017, by way of cancellation pursuant to Section 2.11 of the relevant indenture. Following cancellation of the Cancelled Notes, the following amounts remain outstanding under the Notes:

  1. $1,063,850,000 aggregate principal amount of 8½% Senior Secured Notes due 2018;
  2. €275,000,000 aggregate principal amount of 9% Senior Secured Notes due 2018; and 3.) $601,150,000 aggregate principal amount of 103/4% Senior Unsecured Notes due 2019.

No representation is being made as to the correctness or accuracy of the ISIN and CUSIP numbers, as applicable, printed on the Cancelled Notes and listed above.

About Modulaire Group

Modulaire Group is the world’s leading business services company specialising in modular space. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 24 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Malthus Uniteam and Wexus in Norway, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information

Investor relations: Phil Vellacott
07841 563541