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NationsRent sets pricing in tender for 9½% notes
By Angela McDaniels
Seattle, Aug. 15 - NationsRent Cos., Inc. set the tender consideration for its $150 million 9½% senior notes due 2015 and $250 million 9½% senior secured notes due 2010, according to a company news release.
Noteholders who tender will receive $1,174.72 for each $1,000 principal amount of 9½% notes due 2015 and $1,086.52 for each $1,000 principal amount of 9½% notes due 2010. The payout includes a $30.00 consent payment for those who tendered by July 31, the consent solicitation expiration.
The company announced on Aug. 1 that it had received the needed number of consents to eliminate most of the restrictive covenants and events of default in the indenture governing the notes.
Noteholders who tender will also receive accrued interest. The tender offer expires at 5 p.m. ET on Aug. 29.
The tender consideration was determined at 2 p.m. ET on Tuesday assuming a payment date of Aug. 30 and was based on the yield to maturity of the 3.875% Treasury due May 15, 2010 plus 50 basis points for the 9½% notes due 2015 and the 4.25% Treasury due Oct. 31, 2007 plus 50 bps for the 9½% notes due 2010. The yields on the 3.875% Treasury and 4.25% Treasury, as calculated by Jefferies & Co., were 5.096% and 4.874%, respectively.
The offer is linked to the acquisition of the company by Sunbelt Rentals, Inc., a subsidiary of Ashtead Group plc, for $1.05 billion. The company is seeking tenders from a majority of noteholders and said the tender is conditioned on the completion of the merger.
The dealer managers are Jefferies & Co., Inc. (800 801-1081) and Citigroup Global Markets Inc. (800 558-3745). The information agent is Innisfree M&A Inc. (888 750-5834 or call collect 212 750-5833).
Based in Fort Lauderdale, Fla., NationsRent specializes in equipment rentals.
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