Loxam starts roadshow for €300 million five-year secured notes; initial talk 6½%-6¾%

By Paul A. Harris

Portland, Ore., April 24 – Loxam SAS began marketing a €300 million offering of five-year senior secured notes (expected BB-) on Monday, according to market sources.

The notes come with two years of call protection.

The Paris-based equipment rental services company plans to use the proceeds to repay its existing €300 million of 4¼% senior secured notes due 2024.

Loxam also plans to issue exchange notes to partially repay its €300 million of 6% senior notes due 2025 and €300 million 3¼% senior secured notes due 2025.

The new five-year notes offering could upsize by amounts accepted into the exchange of the 2025 notes, a market source said.

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