Ashtead receives tenders for $189.14 million 5.625% notes due 2024

By Sarah Lizee

Olympia, Wash., Nov. 4 – Ashtead Group plc announced the final results of indirect wholly owned subsidiary Ashtead Capital, Inc.’s cash tender offer for any and all of its $500 million outstanding 5.625% second-priority senior secured notes due 2024.

By the expiration time at 5 p.m. ET on Nov. 1, $189,136,000 of the notes were validly tendered and not withdrawn. That amount excludes $315,000 of notes that remain subject to guaranteed delivery procedures.

The company said it accepted all tendered notes for payment.

As previously reported, the total consideration for each $1,000 principal amount is $1,030.50 plus accrued interest up to but excluding the payment date.

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

The offer was subject to a financing condition but was not conditioned on any minimum amount being tendered. The company announced that it had priced $1.2 billion of second-priority senior secured notes (Baa3/BBB-/BBB-) in two tranches on Oct. 28.

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 or http://www.gbsc-usa.com/Ashtead) is the depositary and information agent.

Ashtead is an industrial equipment rental company based in London.

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