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Ashtead prices tender consideration for 12% notes
By Angela McDaniels
Seattle, Aug. 15 - Ashtead Holdings plc set the tender consideration for its £78 million 12% second-priority senior secured notes due 2014, according to a company news release.
Noteholders who tender will receive £1,211.79 for each £1,000 principal amount of notes tendered, which includes a £30.00 consent payment for noteholders who consented by July 31.
The company said 99.8% of noteholders consented, which will allow Ashtead to execute a supplemental indenture that will eliminate most of the restrictive covenants and events of default for the notes.
Noteholders who tender will also receive accrued interest. The tender offer expires at 11 a.m. ET on Aug. 29.
The total consideration for the notes was determined at 9 a.m. ET on Tuesday assuming a payment date of Aug. 30 and using the 4% U.K. Treasury due March 7, 2009 plus 50 basis points. The yield on the treasury, as calculated by Citigroup Global Markets Ltd., was 4.975%.
The offer is linked to and conditioned upon the company's acquisition of NationsRent Cos., Inc.
The dealer manager is Citigroup Global Markets Ltd. (44 20 7986-8969), and 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 wholly owned subsidiary of Leatherhead, England-based equipment rental company Ashtead Group plc.
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