H&E Equipment restructures notes offering; downsized deal to price Monday afternoon

By Paul A. Harris

St. Louis, Mo., May 31 - H&E Equipment Services, Inc. downsized its offering of 10-year senior secured notes (B3/B) to $200 million from $275 million and added a $50 million senior subordinated mezzanine tranche on Friday, according to a syndicate source.

The market anticipated hearing terms on the H&E Equipment deal Friday, however the source said that the deal is now expected to price Monday afternoon.

Price talk remains at the 11% area, the source added.

No further details were available on the mezzanine tranche.

Credit Suisse First Boston and Banc of America Securities are joint bookrunners. Fleet Securities is the co-manager.

The Rule 144A 10-year senior notes are non-callable for five years.

Proceeds will be used to fund the merger of H&E with ICM by sponsor Bruckman, Rosser, Sherrill and to repay bank debt.

The issuer is a Medford, N.Y.-based integrated equipment rental company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.