By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., July 25 – Ashtead Group plc sold $750 million of 5.95% senior notes due Oct. 15, 2033 (Baa2/BBB-/BBB), according to a market source.
Ashtead Capital Inc. is the issuer, and the notes will be guaranteed by Ashtead Group.
The Rule 144A and Regulation S notes priced at Treasuries plus 210 basis points after talk in the Treasuries plus 237.5 bps area.
BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used for general corporate purposes and will initially repay a portion of the outstanding borrowings under a first-priority senior secured credit facility, without a reduction in the commitment.
The British industrial equipment rental company is based in London.
| Issuer: | Ashtead Capital Inc.
|
| Guarantor: | Ashtead Group plc
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| Amount: | $750 million
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| Issue: | Senior notes
|
| Maturity: | Oct. 15, 2033
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
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| Coupon: | 5.95%
|
| Price: | 99.912
|
| Spread: | Treasuries plus 210 bps
|
| Ratings: | Moody’s: Baa2
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| S&P: BBB-
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| Fitch: BBB
|
| Pricing date: | July 24
|
| Settlement date: | July 27
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 237.5 bps area
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