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Mobile Mini Reports 2011 Fourth Quarter Results

Mark Funk, Mobile Mini’s Executive Vice President & CFO noted, "As of 2011 year-end, we generated free cash flow for 16 consecutive quarters. Fourth quarter free cash flow totaled $16.4 million bringing the 2011 total to $80.0 million. Cash flow from operations of $21.2 million enhanced our ability to pay down an additional $12.0 million of debt in the fourth quarter, bringing the full year’s debt pay down to $75.3 million after payment of a $1.1 million call premium related to redeeming the remaining $22.3 million of previously outstanding MSG Senior Notes. Since the acquisition of Mobile Storage Group in mid-2008, we have generated free cash flow of $258.5 million and paid down $235.3 million of debt. As a result of our senior note refinancing in November 2010, our 2011 debt pay down and lower interest rates, our 2011 interest expense has been reduced by 18% or $10.1 million compared to 2010.”

Extends Revolving Credit Agreement

Mobile Mini also announced that it has extended the maturity of its asset-based revolving credit facility (“ABL”) to February 22, 2017, or five years from closing. The previous asset-based revolving credit facility would have matured on June 27, 2013. At closing, the interest rate on borrowings under the new agreement is LIBOR plus 2.25%, reduced from LIBOR plus 2.75% under the prior agreement. The maximum principal amount has increased to $900 million from $850 million. The other terms of the ABL credit agreement also provide additional flexibility compared to the prior agreement.”

According to Mr. Funk, “Based upon Mobile Mini’s outstanding borrowings at December 31, 2011, the new lower interest rate would have produced annualized savings of over $1.7 million. With a more favorable interest rate, greater borrowing availability and a five year maturity, the new facility strengthens Mobile Mini’s capital structure, enhances our liquidity and saves us interest expense.”

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