Milbank, Tweed, Hadley & McCloy LLP has represented the largest lender in connection with the successfully completed $750 million PIK loan restructuring of Algeco Scotsman, a leading global business services provider of modular space, secure storage solutions and remote accommodations. The restructuring was implemented pursuant to an English scheme of arrangement following an earlier consent solicitation and exchange offer.
Under the scheme, each PIK lender will exchange their PIK loans for, among other things, $95 million of cash and limited partnership interests in the Algeco group. In addition, the sponsor has committed to invest $250 million of equity into the group.
Milbank’s team was led by Financial Restructuring partner Peter Newman and included Financial Restructuring partner Nick Angel, Capital Markets partner Tim Peterson, Corporate partner Mark Stamp, special counsel Mathew Mortimer, and associates Anna Thomander, Sarah Ullathorne, Kate Colman, Scott Jardine and Alastair Gillespie.
