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H&E Equipment tenders, seeks consents for $250 million of 8 3/8% notes
By Susanna Moon
Chicago, Aug. 6 - H&E Equipment Services, Inc. said it began a cash tender offer and consent solicitation for its $250 million principal amount of 8 3/8% senior notes due 2016.
The total purchase price will be $1,031.67 per $1,000 principal amount of notes tendered by the consent payment deadline of 5 p.m. ET on Aug. 17, which includes a $10.00 premium per $1,000 principal amount.
Those who tender after the consent date will receive $1,021.67 per $1,000 principal amount.
Holders also will receive accrued interest up to but not including the payment date.
The offer will end at 11:59 p.m. ET on Aug. 31.
Along with the tender offer, the company is soliciting consents to eliminate substantially all of the restrictive covenants and events of default.
The company said it expects to fund the offer with proceeds of a new senior notes offering and with drawdowns under its credit facility.
If H&E receives the consent of the holders of at least a majority of the notes and it accepts those notes for payment, the company will execute the supplemental indenture effecting the proposed amendments.
Tendered notes may be withdrawn at any time before the consent payment deadline. Notes tendered after the consent deadline may be withdrawn at any time before the earlier of the offer expiration and the time the company executes a supplemental indenture, according to a company press release.
The offer is conditioned on the amendment of the company's credit facility and completion of the notes offering.
Deutsche Bank Securities Inc. (855 287-1922 or collect 212 250-7527) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (888 887-1266) is the tender agent and information agent.
H&E is a Baton Rouge, La.-based equipment services company.
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