By Paul A. Harris
St. Louis, Aug. 1 - Ashtead Group plc priced an upsized $650 million issue of 10-year second-priority senior secured notes (B3/B) at par to yield 9% on Tuesday, according to a market source.
The yield came at the tight end of the 9% to 9¼% price talk.
Citigroup, Deutsche Bank Securities and UBS Investment Bank were joint bookruners for the Rule 144A and Regulation S offering. Banc of America Securities LLC and JP Morgan were co-managers.
Proceeds will be used to partially fund the $1 billion acquisition of NationsRent and to redeem Ashtead's outstanding 12% sterling loan notes.
The issue was upsized from $550 million.
Ashtead is a Leatherhead, U.K.-based equipment rental company.
Issuer: | Ashtead Group plc
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Amount: | $650 million (increased from $550 million)
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Maturity: | Aug. 15, 2016
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Security description: | Second-priority senior secured notes
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Bookrunners: | Citigroup, Deutsche Bank Securities, UBS Investment Bank
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Co-managers: | Banc of America Securities LLC, JP Morgan
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Spread: | 401 bps
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Call features: | Callable on and after Aug. 15, 2011 at 104.50, 103.0, 101.50, par on and after Aug. 15, 2014
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Equity clawback: | Until Aug. 15, 2009 for 35% at 109.0
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Trade date: | Aug. 1
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Settlement date: | Aug. 15
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Ratings: | Moody's: B3
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| Standard & Poor's: B
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Distribution: | Rule 144A/Regulation S
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Price talk: | 9% to 9¼%
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