By Paul A. Harris
Portland, Ore., Nov. 20 – H&E Equipment Services, Inc. priced a $200 million add-on to its 5 5/8% senior notes due Sept. 1, 2025 (B2/BB-) at 104.25 to yield 4.958% on Monday, according to market sources.
The reoffer price came at the rich end of price talk in the 104 area.
BofA Merrill Lynch and Wells Fargo Securities LLC were joint bookrunners for the quick-to-market deal.
The Baton Rouge, La.-based heavy equipment manufacturing and services company plans to use the proceeds to repay debt under its ABL credit facility, to fund potential acquisitions in connection with its strategy of acquiring rental companies to complement its existing business and footprint and for general corporate purposes.
| Issuer: | H&E Equipment Services, Inc.
|
| Amount: | $200 million
|
| Maturity: | Sept. 1, 2025
|
| Security description: | Add-on to 5 5/8% senior notes due Sept. 1, 2025
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo
|
| Coupon: | 5 5/8%
|
| Price: | 104.25
|
| Yield to maturity: | 4.958%
|
| Trade date: | Nov. 20
|
| Settlement date: | Nov. 22 with accrued interest
|
| Ratings: | Moody's: B2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 104 area
|
| Marketing: | Quick to market
|
| Original issue: | $750 million priced at par on Aug. 17, 2017
|
| Fungibility: | Add-on notes will become fungible with original notes
|
| Total issue size: $950 million
|
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