By Paul A. Harris
St. Louis, April 8 - Ashtead Holdings plc priced a downsized £120 million offering of 10-year senior secured second lien notes (B2/B-) Thursday at par to yield 12%, according to an informed source.
Revised price talk was in the area of 11½%, widened from the 10½% area.
Citigroup and Banc of America Securities ran the books on the Rule 144A/Regulation S issue.
The notes are 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.
| Issuer: | Ashtead Holdings plc
|
| Amount: | £120 million, decreased from £130 million
|
| Maturity: | 2014
|
| Security description: | Senior secured second lien notes
|
| Bookrunners: | Citigroup, Banc of America Securities
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Spread: | 713 basis points
|
| Call protection: | Five years
|
| Pricing date: | April 8
|
| Settlement date: | April 16
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Price talk: | 11½% area, revised from 10½% area
|
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