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MODULAIRE GROUP ANNOUNCES JULY AND AUGUST 2022 ESTIMATED FINANCIAL RESULTS & PRICING OF A €140MM INCREMENTAL SENIOR SECURED TERM LOAN B

October 6, 2022 2:30 AM EDT

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LONDON, Oct. 6, 2022 /PRNewswire/ -- Modulaire Group, Europe and Asia Pacific's leading business services company specialising in modular services and infrastructure, today announced its estimated financial results for the 2 months ending 31 July 2022 and 30 August 2022. The following information is not yet finalized, remains subject to completion and reflects management's current estimates of the two months.

Revenue for July and August 2022 was €292 million, compared to €237 million for July and August 2021, an increase of €55 million, or 23%. Organic Revenue for July and August 2022 was €233 million, compared to €191 million for July and August 2021, an increase of €42 million, or 22%.

Underlying EBITDA for the Group for July and August 2022 was €88 million, compared to €79 million for July and August 2021, an increase of €9 million or 11%. Organic Underlying EBITDA for July and August 2022 was €66 million, compared to €63 million for July and August 2021, an increase of €4 million or 6%.

Cash flow from operations less capex, tax and movements in working capital for the Group for July and August 2022 was (€39) million, compared to (€47) million for July and August 2021, an improvement of €8 million or 17%.

In addition, Modulaire successfully priced an incremental €140m Senior Secured Term Loan B on a fungible basis to the existing €1,510m Term Loan B due December 2028 through a private syndication process. The transaction is due to close in the next few weeks. Proceeds are earmarked for future M&A and to pay associated deal fees and expenses. Associated ratings actions will be published by Moody's, S&P and Fitch. Goldman Sachs acted as Sole Physical Bookrunner. ING and MUFG acted as Joint Bookrunners.

About Modulaire Group

Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire has operations in 24 countries with over 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco, its largest brand, across much of Europe and the United Kingdom. Other operating brands include Advanté in the United Kingdom, Algeco Chengdong in China, Ausco in Australia, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Portacom in New Zealand, and Tecnifor and Locabox in Italy.

For further information:

Investor relations:[email protected]

Media enquiries: Tulchan Communications[email protected]  +44 (0) 207 353 4200

Cision View original content:https://www.prnewswire.com/news-releases/modulaire-group-announces-july-and-august-2022-estimated-financial-results--pricing-of-a-140mm-incremental-senior-secured-term-loan-b-301642048.html

SOURCE Modulaire Group



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