Ashtead to sell £130 million 10-year bonds via Citigroup, Banc of America

By Paul A. Harris

St. Louis, March 29 - Ashtead Group plc is expected to launch an offering of £130 million of 10-year senior secured second priority bonds late in the present week or early in the week of April 5, according to a market source.

Citigroup and Banc of America Securities will run the books.

The notes will come with five years of call protection and will be guaranteed on a senior basis by Ashtead Group plc and certain subsidiaries.

Proceeds will be used to pay down bank debt.

The issuer is an equipment rental company based in Surrey, England.

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