Neff talks $230 million eight-year senior notes at 10%-10¼%

By Paul A. Harris

St. Louis, May 21 - Neff Corp. set price talk for its downsized $230 million offering of eight-year senior unsecured notes (Caa2/B-) at 10% to 10¼% on Monday, according to an informed source.

The books close at noon ET on Tuesday except for accounts seeing management on Tuesday; for those accounts books close at 4 p.m. ET. Pricing is expected shortly thereafter.

Banc of America Securities LLC is the left bookrunner for the Rule 144A with registration rights offering. CIBC World Markets is the joint bookrunner. UBS Investment Bank is the co-manager.

Neff downsized the bond offering to $230 million from $250 million late last week.

The Miami-based construction equipment rental company shifted $20 million of the acquisition financing to its second-lien term loan, upsizing it to $290 million from $270 million.

Proceeds will be used to help fund the acquisition of the company by Lightyear Capital LLC from Odyssey Investment Partners.

© 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.