Ashtead Group to sell $1.2 billion of eight-, 10-year secured notes; pricing Wednesday

By Paul A. Harris

Portland, Ore., Aug. 2 – Ashtead Group plc plans to price a $1.2 billion two-part offering of second priority senior secured notes in a quick-to-market Wednesday trade, trailing a late-morning conference call with investors, according to a market source.

Included are notes maturing in 2025, which come three years of call protection and initial guidance of 4½% to 4¾%, and notes maturing in 2027, which come with five years of call protection and initial guidance of 4¾% to 5%, the source said.

J.P. Morgan Securities LLC is the lead.

The issuing entity will be wholly owned subsidiary Ashtead Capital, Inc.

The London-based industrial equipment rental company plans to use the proceeds to repurchase all or any of Ashtead Capital's $900 million of outstanding 6½% second priority senior secured notes via a concurrent tender offer and to pay down the first priority senior secured credit facility.

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