Mobile Mini to Redeem $150 Million 6.875% Senior Notes
Mobile Mini, Inc. (Nasdaq: MINI) today announced that it has issued an irrevocable Notice of Redemption for all of its outstanding 6.875% senior notes which are due May 2015 (the “Notes”) pursuant to the terms of the indenture governing the Notes. The Notes, which have an outstanding principal balance of $150 million, will be redeemed on August 2, 2012 at a redemption price of 101.719% of the principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date.
The Company will draw upon its $900 million asset based revolver (“ABL”) to fund the redemption of the bonds. The ABL currently bears interest at Libor plus 2.25%. On or after the redemption date, the Notes will no longer be deemed outstanding, interest will cease to accrue thereon and all rights of a holder of the Notes shall cease to exist, except for the right to receive the redemption price.
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