Boels sets initial talk on €500 million six-year secured notes in 6% area; pricing Thursday

By Paul A. Harris

Portland, Ore., April 17 – Boels Rental set initial price talk on its €500 million offering of Boels Topholding BV six-year senior secured notes (Ba3/BB) in the 6% area, according to a syndicate source.

The deal is set to price on Thursday.

The Rule 144A for life and Regulation S notes become subject to an initial call after two years at par plus 50% of the coupon.

Joint physical bookrunner BNP Paribas will bill and deliver. JPMorgan is also a joint physical bookrunner.

ABN Amro, ING and Rabobank are co-managers.

The equipment rental company plans to use the proceeds to finance the purchase price of Netherlands-based aerial platform renter Riwal and to repay bank debt.

Boels is based in Sittard, the Netherlands.

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