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Ashtead tenders for 12% notes due 2014
By Jennifer Chiou
New York, July 19 - Ashtead Holdings plc, a wholly owned subsidiary of Ashtead Group plc, announced the start of a cash tender offer for any and all of its £78 million of 12% second-priority senior secured notes due 2014.
The company is also soliciting consents to amend the note indenture to eliminate most of the restrictive covenants and events of default.
The consent deadline is 11 a.m. ET on July 31. The offer ends at 11 a.m. ET on Aug. 29.
For each £1,000 principal amount of notes, Ashtead Holdings will calculate its payout using the 4% U.K. Treasury due March 7, 2009 and 50 basis points. The payout includes a £30.00 consent payment for those who tender before the consent deadline.
The offer is linked to and conditioned upon the company's acquisition of NationsRent Cos., Inc. as well as the receipt of consents from a majority of noteholders.
The dealer manager is Citigroup Global Markets Ltd. (44 20 7986-8969). The information agent is Lake Isle M&A Inc. (008 00 7710-9970 from the European Union and 011 22 20 7710-9960 elsewhere).
Ashtead is a Leatherhead, U.K.-based equipment rental group for the construction, industrial and homeowner markets.
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