H&E Equipment's consent solicitation fails

New York, May 13 - H&E Equipment Services LLC said that the consent solicitation being conducted by it and its H&E Finance Corp. subsidiary expired without sufficient consents being received.

The company was asking holders of its 11 1/8% senior secured notes due 2012 and 12½% senior subordinated notes due 2013 for authorization to increase borrowings under its revolving credit facility and extend the deadline for filing its form 10-K annual report for 2004. H&E is also seeking waivers of defaults related to its failure to file its 10-K on time.

The increase in the revolver to $275 million from $150 million is to fund growth and related working capital needs.

H&E was offering a consent fee of $12.50 per $1,000 principal amount of notes. If it did not file its 10-K by July 29 consenting holders would have received an additional $2.50 per $1,000 principal amount.

The solicitation expired at 5 p.m. ET on May 12 after being extended from 5 p.m. ET on May 3 and 5 p.m. ET on April 21.

The Baton Rouge, La., equipment rental company announced the solicitation on April 11.

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