Published on 7/23/2018 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Ashtead sells upsized $600 million 5¼% eight-year secured split-rated notes at par
By Paul A. Harris
Portland, Ore., July 23 – Ashtead Group plc priced an upsized $600 million issue of split-rated eight-year second priority senior secured notes (Ba2/BBB-) at par to yield 5¼% in a quick-to-market Monday trade, according to market sources.
The issue size was increased from $500 million.
The yield printed at the tight end of the 5¼% to 5 3/8% yield talk. Initial guidance had the deal coming with a yield of 5¼% to 5½%.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Barclays, HSBC Securities, Lloyds, MUFG, NatWest Investments, Santander and SunTrust Robinson Humphrey Inc. were the joint bookrunners.
Proceeds, including the additional proceeds resulting from the $100 million upsizing of the deal, will be used to repay debt under a revolving credit facility.
The issuing entity is Ashtead Capital, Inc., a wholly owned subsidiary of Ashtead Group, a London-based international equipment rental company.
| Issuer: | Ashtead Capital, Inc.
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | Aug. 1, 2026
|
| Securities: | Second priority senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Barclays, HSBC Securities, Lloyds, MUFG, NatWest Investments, Santander, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 231 bps
|
| First call: | Aug. 1, 2021 at 103.938
|
| Trade date: | July 23
|
| Settlement date: | July 26
|
| Ratings: | Moody's: Ba2
|
| S&P: BBB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5¼% to 5 3/8%
|
| Marketing: | Quick to market
|
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