By Cristal Cody
Chicago, Aug. 5 – Ashtead Capital, Inc. priced a $750 million benchmark offering of 10-year notes on Thursday (Baa3/BBB-/BBB), according to information from a market source.
The 5.5% notes priced with a 295 basis points spread to the related benchmark Treasury.
Initial price talk was in the 325 bps area.
Fixed-income investor calls were held on Wednesday for the Rule 144A and Regulation S offering.
BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are listed as bookrunners.
Ashtead Group plc is guaranteeing the notes.
Proceeds, according to Moody’s Investors Service, will be used to partially repay the draws from the company’s $4.5 billion asset-based lending facility.
Ashtead is an industrial equipment rental company based in London.
| Issuer: | Ashtead Capital, Inc.
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| Guarantor: | Ashtead Group plc
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| Amount: | $750 million
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| Issue: | Notes
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| Maturity: | Aug. 11, 2032
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
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| Coupon: | 5.5%
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| Spread: | Treasuries plus 295 bps
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| Trade date: | Aug. 4
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 325 bps area
|
| Marketing: | Investor call
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