Neff to repay 11¼% notes, 13% notes

By Jennifer Chiou

New York, April 2 - Neff Corp. said it plans to repay all of its 11¼% second-priority senior secured notes due 2012 and its 13% senior subordinated notes due 2013 as part of its upcoming merger, according to an 8-K filing with the Securities and Exchange Commission.

Neff entered into an agreement and plan of merger on March 31 with LYN Holdings LLC, LYN Holdings Corp. and LYN Acquisition Corp., under which Neff will be acquired for about $409 million. The merger is expected to close in the second quarter. The buyers are funds affiliated with Lightyear Capital LLC.

The Miami-based equipment rental company said that Neff Rental, Inc.'s ABL credit facility will also be repaid.

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