Ashtead to start roadshow Thursday in Europe for $550 million 10-year notes

By Paul A. Harris

St. Louis, July 19 - Ashtead Group plc will begin a European roadshow on Thursday for its $550 million offering of 10-year second-priority senior secured notes (B3), according to an informed source.

A U.S. roadshow will be held next week.

Pricing is expected to take place on Aug. 1.

The company anticipates a 9% yield on the issue.

Citigroup, Deutsche Bank Securities and UBS Investment Bank are joint bookrunners for the notes, which will be marketed via Rule 144A and Regulation S. Banc of America Securities LLC and JP Morgan are co-managers.

The notes will come with five years of call protection.

Proceeds will be used to partially fund the $1 billion acquisition of NationsRent and to redeem Ashtead's outstanding 12% sterling loan notes.

The acquisition financing also includes also $1.6 billion credit facility, a £150 million rights issue and existing cash.

Leatherhead, U.K.-based Ashtead, through its subsidiary Sunbelt, is the fourth largest provider of equipment rental services in the United States.

Fort Lauderdale, Fla.-based NationsRent is the sixth largest provider of equipment rental services in the United States.

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