Ashtead unit gets tenders for $561.74 million 6½% notes; call planned

By Susanna Moon

Chicago, Aug. 10 – Ashtead Group plc announced the results of wholly owned subsidiary Ashtead Capital, Inc.’s cash tender for its $900 million outstanding 6½% second priority senior secured notes due 2022.

Holders had tendered $561,743,000 principal amount of the notes, which excludes $10,753,000 of notes tendered under guaranteed delivery procedures, according to company update on Thursday.

As announced Aug. 2, the purchase price will be $1,035.50 for each $1,000 principal amount of notes plus accrued interest up to but excluding the payment date.

The company said it accepted for payment all of the tendered notes, with settlement for Aug. 9, and Aug. 11 for notes tendered under guaranteed delivery procedures.

The tender offer ended at 5 p.m. ET on Aug. 8, and the deadline for guaranteed delivery procedures is 5 p.m. ET on the second business day after the offer ends.

Ashtead said it plans to call any notes that remain outstanding for redemption on Sept. 11.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424) is the dealer manager. Global Bondholder Services Corp. (212 430-3774, 866 470-3900 or gbsc-usa.com/Ashtead) is the depositary and the information agent.

Ashtead is a Leatherhead, England-based equipment rental company.

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