Published on 12/11/2013 in the Prospect News High Yield Daily.
New Issue: Ashtead sells upsized $400 million tap of 6½% notes due 2022 at 106 to yield 5.608%
By Paul A. Harris
Portland, Ore., Dec. 11 - Ashtead Group plc priced an upsized $400 million add-on to its 6½% second-priority senior secured notes due July 15, 2022 (existing ratings B1/BB-/) at 106 to yield 5.608% on Wednesday, according to a market source.
The drive-by deal was upsized from $300 million.
The reoffer price came at the rich end of the 105.5 to 106 price talk.
Deutsche Bank Securities Inc., Citigroup, J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, HSBC, Lloyds TSB, Mitsubishi UFJ Securities, RBS Securities and Wells Fargo Securities LLC were the joint bookrunners.
The Leatherhead, England-based equipment rental company plans to use the proceeds to repay a portion of its credit facility.
| Issuer: | Ashtead Capital Inc.
|
| Face amount: | $400 million, increased from $300 million
|
| Proceeds: | $424 million
|
| Maturity: | July 15, 2022
|
| Security description: | Add-on to 6½% second-priority senior secured notes due July 15, 2022
|
| Bookrunners: | Deutsche Bank Securities Inc., Citigroup, J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, HSBC, Lloyds TSB, Mitsubishi UFJ Securities, RBS Securities, Wells Fargo Securities LLC
|
| Coupon: | 6½%
|
| Price: | 106
|
| Yield: | 5.608%
|
| First call: | July 15, 2017 at 103.25
|
| Trade date: | Dec. 11
|
| Settlement date: | Dec. 17 with accrued interest
|
| Existing ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 105.5 to 106
|
| Marketing: | Quick to market
|
| Original issue: | $500 million issue priced at par in June 2012
|
| Fungibility: | Upon settlement the Rule 144A notes will be fungible with the existing notes; the Regulation S notes will have a temporary Cusip until at least 40 days after issue date
|
| Total issue size: | $900 million
|
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