Ashtead to offer $1 billion second priority notes due 2028, 2029

By Marisa Wong

Los Angeles, Oct. 28 – Ashtead Group plc announced that wholly owned subsidiary Ashtead Capital, Inc. is conducting a private offering of about $1 billion of second priority senior secured notes (Baa3/BBB-) due 2028 and 2029.

JPMorgan is the lead bookrunner for the Rule 144A and Regulation S offering, according to a source. The deal is expected to price on Monday.

Proceeds will be used to fund a tender offer and related redemption of Ashtead’s outstanding 2024 notes and to repay borrowings under its first priority senior secured credit facility, according to a company announcement.

Ashtead is an industrial equipment rental company based in London.

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