Ashtead receives consents for 12% notes due 2014

By Laura Lutz

Des Moines, Aug. 1 - Ashtead Holdings plc received tenders and consents from holders of 99.8% of its outstanding 12% second priority senior secured notes due 2014 by its 11:00 a.m. ET consent deadline on July 31.

Those consents will allow Ashtead to execute a supplemental indenture that will, once operative, eliminate most of the restrictive covenants and events of default for the notes.

For each £1,000 principal amount of notes, Ashtead Holdings will calculate its payout using the 4% U.K. Treasury due March 7, 2009 and 50 basis points. The payout includes a £30.00 consent payment for those who tender before the consent deadline.

The tender offer and consent solicitation were announced July 19. The offer will expire at 11 a.m. ET on Aug. 29.

The offer and the consent solicitation are being made in connection with the Ashtead's previously announced acquisition of NationsRent Cos., Inc.

The completion of the offer and consent solicitation is subject to some conditions, including completion of the acquisition of NationsRent by Ashtead Group plc and the offering by Ashtead Capital, Inc. of at least $550.0 million of new second priority senior secured notes.

The dealer manager is Citigroup Global Markets Ltd. (44 20 7986-8969). The information agent is Lake Isle M&A Inc. (008 00 7710-9970 from the European Union and 011 22 20 7710-9960 elsewhere).

Ashtead is a Leatherhead, U.K.-based equipment rental group for the construction, industrial and homeowner markets.

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