Ashtead launches tender offer for any and all 9% secured notes

By Jennifer Chiou

New York, June 29 - Ashtead Capital, Inc. announced the start of its cash tender offer for any and all of its $550 million of outstanding 9% second-priority senior secured notes due 2016.

The company is also soliciting consents to amend the note indenture to eliminate most of the restrictive covenants and some events of default.

The consent deadline is 5 p.m. ET on July 13, and the offer will end at 11:59 p.m. ET on July 27.

For each $1,000 of notes, the company will pay $1,033.75 plus any accrued interest to the settlement date. The payout includes a consent payment equal to $10.00 for those who validly tender their notes by the early deadline.

The tender offer and consent solicitation are conditioned on, among other things, the receipt of consents from holders of at least a majority of the notes and sufficient debt financing.

The dealer manager and solicitation agent is Deutsche Bank Securities, Inc. (855 287-1922). The information agent and tender agent is D.F. King & Co., Inc. (800 829-6554 or 212 269-5550).

Ashtead Capital is a subsidiary of Ashtead Group plc, a London-based equipment rental company.

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