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Ashtead driving by with $500 million split-rated eight-year notes; initial talk 5¼%-5½%
By Paul A. Harris
Portland, Ore., July 23 – Ashtead Group plc plans to price a $500 million offering of split-rated eight-year second priority senior secured notes (expected ratings Ba2/BBB-) in a quick-to-market Monday trade, according to a bond trader.
Initial guidance has the deal coming with a yield of 5¼% to 5½%, the source said.
J.P. Morgan Securities LLC is the lead.
The notes come with three years of call protection.
The issuing entity will be Ashtead Capital, Inc., a wholly owned subsidiary of Ashtead Group, a London-based international equipment rental company.
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