Algeco Scotsman Takes First Step Towards Restructuring Billion Dollar Debt
- Early acceptances to the exchange offer can be made by Feb. 27
- Algeco’s PIK loan has increased in size to $699 million
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Algeco Scotsman Inc’s exchange offer to restructure outstanding payment-in-kind loans is set to expire on March 6 having launched on February 13, according to a person familiar with the matter.
The modular-space company’s PIK loan, which was $400 million at launch in 2013, had grown to $699 million in January, said the person, who declined to be identified as the information is private. Early acceptances can be made by the close of February 27. The loan, issued by AS PIKCo, matures in May 2018.