Mobile Mini gets needed consents to amend 9¾% senior notes due 2014

By Marisa Wong

Madison, Wis., Nov. 29 - Mobile Mini, Inc. announced that it has received tenders and consents from holders of $170,578,000, or about 88.5%, of its outstanding 9¾% senior notes due 2014. The consents received exceeded the number needed to approve proposed amendments to the indenture governing the notes.

Mobile Mini and the trustee for the notes have entered into a supplemental indenture that eliminates substantially all affirmative and restrictive covenants and certain events of default from the original indenture.

The tender offer and consent solicitation began on Nov. 8. The tender offer is scheduled to expire at 12:01 a.m. ET on Dec. 8.

The company said it has accepted for payment all notes that have been tendered thus far.

As previously reported, holders who tender notes and deliver consents before 5 p.m. ET on Nov. 22, the consent date, will receive the total consideration of $1,052.50 per $1,000 principal amount of notes, which is equal to the tender offer consideration of $1,022.50 plus a $30.00 early tender and consent payment.

Holders who tender notes and deliver consents after the consent date but prior to the expiration date will receive only the tender offer consideration.

In both cases, Mobile Mini will also pay accrued interest to but excluding the applicable settlement date.

As previously reported, the tender offer is dependent on the company's receipt of at least $200 million from a private offering of new notes and receipt of needed consents to adopt the proposed amendments, the latter of which has been satisfied.

Deutsche Bank Securities Inc. (212 250-6429) and Bank of America Merrill Lynch (980 388-9217) are the dealer managers and solicitation agents. D.F. King & Co., Inc. (800 848-2998 or 212 269-5550) is the information agent and tender agent.

Mobile Mini is a Tempe, Ariz.-based provider of portable storage services.

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