Ashtead Capital plans to price five-, 10-year notes, sets talk

By Marisa Wong and Cristal Cody

Los Angeles, Aug. 3 – Ashtead Capital Inc. plans to price notes (BBB-) in two tranches due Aug. 12, 2026 and Aug. 12, 2031, according to a market source.

The benchmark-sized notes will be guaranteed by parent company Ashtead Group plc, according to a company press release.

Price talk for the five-year bonds is in the Treasuries plus 120 basis points area, and price talk for the 10-year notes is in the Treasuries plus 170 bps area.

Fixed-income investor calls were held Monday.

BofA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners for the Rule 144A and Regulation S offering.

Proceeds are earmarked for the redemption of the company’s outstanding 4.125% senior notes due 2025 and 5.25% senior notes due 2026.

Ashtead is an industrial equipment rental company based in London.

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