By Devika Patel
Knoxville, Tenn., Oct. 29 – Ashtead Group plc priced $1.2 billion of second priority senior secured notes (Baa3/BBB-/BBB-) in two tranches on Monday, according to a press release and market sources.
The notes were sold via Ashtead Capital Inc.
The company sold $600 million of 4% fixed-rate notes due 2028 at par.
Ashtead also priced $600 million of 4.25% fixed-rate notes due 2029 at par.
Proceeds will be used to fund a tender offer and related redemption of Ashtead’s outstanding 2024 notes and to repay borrowings under its first priority senior secured credit facility.
Ashtead is an industrial equipment rental company based in London.
| Issuer: | Ashtead Capital Inc.
|
| Guarantor: | Ashtead Group plc and certain subsidiaries
|
| Amount: | $1.2 billion
|
| Description: | Second priority senior secured notes
|
| Trade date: | Oct. 28
|
| Settlement date: | Nov. 4
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A
|
|
|
| 2028 notes
|
| Amount: | $600 million
|
| Maturity: | 2028
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
|
|
| 2029 notes
|
| Amount: | $600 million
|
| Maturity: | 2029
|
| Coupon: | 4.25%
|
| Price: | Par
|
| Yield: | 4.25%
|
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