Ashtead Capital to price benchmark-sized senior notes

By Marisa Wong

Los Angeles, Jan. 25 – Ashtead Group plc announced that wholly owned subsidiary Ashtead Capital, Inc. is conducting a private offering of a single series of benchmark-sized senior notes (Baa3/BBB-/BBB).

The notes will be guaranteed by Ashtead Group and some of its direct and indirect subsidiaries.

The exact terms and timing of the Rule 144A and Regulation S offering, including the final aggregate principal amount offered, will depend on market conditions and other factors, according to a Thursday news release.

Ashtead intends to use the proceeds for general corporate purposes and will initially repay a portion of the outstanding borrowings under its first-priority senior secured credit facility, without a reduction in commitment.

The British industrial equipment rental company is based in London.

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