Boels talks €400 million long five-year notes at 6 3/8% area; books close Thursday

By Paul A. Harris

Portland, Ore., Sept. 7 – Boels Topholding BV (Boels Rental) talked its €400 million offering of long five-year senior secured notes (Ba3/BB+/expected BB-) to yield in the 6 3/8% area, according to market sources.

Official talk comes inside of initial guidance in the mid-to-high 6% area.

Books were scheduled to close on Thursday.

The Rule 144A and Regulation S for life notes are subject to a first call after two years at par plus 50% of the coupon. They feature a 101% poison put.

Global coordinator BNP Paribas is the sole physical bookrunner. ING and JPMorgan are also global coordinators.

The Netherlands-based equipment rental services provider plans to use the proceeds to partially repay and cancel its existing term loan B, to repay in full amounts drawn under its revolving credit facility and fund cash on its balance sheet.

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