Ashtead launches cash tender offer for 5.625% notes due 2024

By Marisa Wong

Los Angeles, Oct. 28 – Ashtead Group plc announced that indirect wholly owned subsidiary Ashtead Capital, Inc. has begun a cash tender offer for any and all of its $500 million outstanding 5.625% second priority senior secured notes due 2024.

The offer is set to expire at 5 p.m. ET on Nov. 1.

The total consideration for each $1,000 principal amount will be $1,030.50 plus accrued interest up to but excluding the payment date.

The company expects payment for notes accepted for purchase to be made on Nov. 4. Settlement of notes delivered under guaranteed delivery procedures is expected to occur on Nov. 6.

Tenders may only be withdrawn on or before the expiration time or, if the offer is extended, the 10th business day after the start of the offer.

The offer is subject to a financing condition but is not conditioned on any minimum amount being tendered.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424) is the dealer manager for the tender offer.

Global Bondholder Services Corp. (212 430-3774 for banks and brokers, 866 794-2200, http://www.gbsc-usa.com/Ashtead) is the depositary and information agent.

Ashtead announced on Monday that it plans to offer new notes due 2028 and 2029, proceeds of which would be used to fund the tender offer and to reduce bank debt.

Ashtead is an industrial equipment rental company based in London.

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