Ahern Rentals give mid-7% area guidance on $500 million eight-year notes; pricing April 27 week

By Paul A. Harris

Portland, Ore., April 24 – Ahern Rentals, Inc. gave preliminary guidance in the mid-7% area for its $500 million offering of eight-year senior secured second-lien notes (expected ratings B3/B), according to a market source.

The deal is expected to price late in the week ahead, following an investor roadshow.

BofA Merrill Lynch and J.P. Morgan Securities LLC are managing the sale.

The notes come with three years of call protection.

The Eugene, Ore.-based heavy construction rental equipment company plans to use the proceeds to redeem its 9% notes due 2018, to pay down a portion of its outstanding ABL facility and to repay a shareholder contribution.

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