By Paul A. Harris
Portland, Ore., Sept. 18 – EquipmentShare.com Inc. priced an upsized $400 million add-on to its 9% senior secured second-lien notes due May 15, 2028 (B3/B-) at 97.75 to yield 9.605% in a Monday drive-by, according to an informed source.
The issue size increased from $300 million.
The issue price came at the rich end of the 97.5 to 97.75 price talk. Initial talk was in the low-to-mid 97 area.
Joint bookrunner Mizuho Securities USA Inc. will bill and deliver. Citigroup Global Markets Inc. was also a joint bookrunner.
The Columbia, Mo.-based provider of construction equipment and technologies plans to use the proceeds to partially repay its ABL facility (including amounts under the revolver and the first-in/last-out term loan), and for general corporate purposes.
| Issuer: | EquipmentShare.com Inc.
|
| Amount: | $400 million, increased from $300 million
|
| Issue: | Add-on to senior secured second-lien notes
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| Maturity: | May 15, 2028
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| Bookrunners: | Mizuho Securities USA Inc. (bill and deliver) and Citigroup Global Markets Inc.
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| Coupon: | 9%
|
| Price: | 97.75
|
| Yield: | 9.605%
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| First call: | May 15, 2025 at 106.75
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| Trade date: | Sept. 18
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| Ratings: | Moody’s: B3
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| S&P: B-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 97.5 to 97.75
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| Marketing: | Drive-by
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| Original issue: | $640 million priced in May 2023
|
| Fungibility: | Rule 144A notes immediately fungible with original notes
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