Williams Scotsman, Inc. and certain other subsidiaries of WillScot Mobile Mini Holdings Corp. are parties to an ABL Credit Agreement, dated as of July 1, 2020, by and among WSI, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent, collateral agent and swingline lender. On January 25, 2023, the Company entered into two interest rate swap agreements with financial counterparties relating to an aggregate of $750 million in notional amount of variable-rate debt under the ABL Facility.

On January 25, 2023, WSI executed an interest rate swap agreement with Deutsche Bank AG that is effective January 27, 2023. The swap has a notional amount of $450 million and provides for WSI to pay an interest rate of 3.4385% and receive a variable interest rate equal to one-month term SOFR, with a maturity date of June 30, 2027. On January 25, 2023, WSI also executed an interest rate swap agreement with Bank of the West that is also effective January 27, 2023.

The swap has a notional amount of $300 million and provides for WSI to pay an interest rate of 3.4425% and receive a variable interest rate equal to one-month term SOFR, with a maturity date of June 30, 2027. The weighted average effective interest rate for the combined trade is approximately 3.44%. The swap agreements were designated and qualified as hedges of the Company's exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility.