By Paul A. Harris
St. Louis, July 28 - H&E Equipment Services Inc. priced a $250 million issue of 10-year senior notes (B3/B+) at par to yield 8 3/8% on Friday, according to a market source.
The yield priced in the middle of the 8¼% to 8½% price talk.
Credit Suisse and UBS Investment Bank were joint bookrunners for the Rule 144A and Regulation S issue.
Proceeds, together with cash on hand and borrowings under the company's existing senior secured credit facility, will be used to fund the tender for the company's 11 1/8% senior secured notes due 2012 and its 12½% senior subordinated notes due 2013.
H&E is a Baton Rouge, La., heavy equipment rental company.
| Issuer: | H&E Equipment Services Inc.
|
| Amount: | $250 million
|
| Maturity: | July 15, 2016
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| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse, UBS Investment Bank
|
| Coupon: | 8 3/8%
|
| Price: | Par
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| Yield: | 8 3/8%
|
| Spread: | 338 bps
|
| Call protection: | Five years
|
| Trade date: | July 28
|
| Settlement date: | Aug. 4
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 8¼% to 8½%
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