By Lisa Kerner
Charlotte, N.C., April 21 - McGrath RentCorp will issue $100 million of 4.03% senior notes, series A, to Prudential Investment Management, Inc.
The notes have a five-year average life with a final maturity in April 2018, a company news release said.
Under McGrath's agreement with Prudential, McGrath may issue up to an additional $100 million of notes with terms to be determined.
Proceeds will be used to repay outstanding borrowings under McGrath's revolving credit facilities.
The notes have a make-whole call at Treasuries plus 50 basis points, according to a form 8-K filed with the Securities and Exchange Commission.
McGrath is to prepay $20 million principal amount of the notes on April 21 from 2014 to 2017.
McGrath RentCorp is a diversified business-to-business rental company based in Livermore, Calif.
| Issuer: | McGrath RentCorp
|
| Issue: | Senior notes
|
| Amount: | $100 million
|
| Maturity: | April 21, 2018
|
| Coupon: | 4.03%
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Purchaser: | Prudential Investment Management, Inc.
|
| Settlement date: | April 20
|
| Distribution: | Private placement
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
