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Simpson Thacher recently represented Algeco Scotsman, a portfolio company of TDR Capital, in connection with the incurrence of $400 million in aggregate principal amount of PIK loans maturing in May 2018. The loans will bear interest at a rate equal to 15.75% per annum if paid as PIK or 15.00% per annum if paid in cash. The proceeds of the PIK loans will fund a partial redemption of capital, net of transaction fees and expenses, by shareholders.

Algeco Scotsman is a leading global business services provider focused on modular space, secure portable storage solutions and remote workforce accommodations. Operating as Williams Scotsman in North America, Algeco in Continental Europe, Elliott in the United Kingdom, Eurobras in Brazil, Ausco in Australia, Portacom in New Zealand and Target Logistics globally, the company manages a fleet of more than 310,000 units, with operations or affiliates in 37 countries around the world.

The Simpson Thacher team included Marissa Wesely, Brian Korchin and Paul Rodriguez (New York Credit); Ken Wallach and Dan Bae (Capital Markets); Stephen Short (London Credit); and Jonathan Talansky (Tax).