By Marisa Wong and Cristal Cody
Los Angeles, Jan. 26 – Ashtead Group plc’s wholly owned subsidiary, Ashtead Capital, Inc., priced $850 million of 5.8% senior notes due April 15, 2034 (Baa3/BBB-/BBB) at 99.611, or with a spread over Treasuries of 172 basis points, on Thursday, according to a market source and a company press release.
The deal priced 5 bps tighter than guidance of Treasuries plus 177 bps. Initial price talk was in the Treasuries plus 210 bps area.
The notes will be guaranteed by Ashtead Group and some of its direct and indirect subsidiaries.
JPMorgan, NatWest Markets, Wells Fargo Securities, BofA, Barclays, Citi, HSBC, Lloyds, SMBC, TD and Truist Securities are bookrunners for the Rule 144A and Regulation S offering.
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, according to a Thursday press release.
The British industrial equipment rental company is based in London.
| Issuer: | Ashtead Capital, Inc.
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| Guarantor: | Ashtead Group plc
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| Amount: | $850 million
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| Issue: | Senior notes
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| Maturity: | April 15, 2034
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| Bookrunners: | JPMorgan, NatWest Markets, Wells Fargo Securities, BofA, Barclays, Citi, HSBC, Lloyds, SMBC, TD and Truist Securities
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| Coupon: | 5.8%
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| Price: | 99.611
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| Spread: | Treasuries of 172 bps
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 29
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB
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| Distribution: | Rule 144A and Regulation S
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| Talk: | Guidance at Treasuries plus 177 bps; initial price talk in Treasuries plus 210 bps area
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