H&E Equipment driving by with $1.25 billion eight-year senior notes; initial talk low 4% area

By Paul A. Harris

Portland, Ore., Nov. 30 – H&E Equipment Services, Inc. plans to price a $1.25 billion offering of senior notes due 2028 (existing ratings B2/BB-) in a Monday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the low 4% area, according to a bond trader.

BofA Securities Inc. is the bookrunner.

The Rule 144A and Regulation S eight-year notes become callable after three years at par plus 50% of the coupon. It also features a 40% equity clawback at par plus the coupon during the non-call period and a 101% poison put.

The Baton Rouge, La.-based heavy equipment manufacturing and services company plans to use the proceeds to fund the tender and/or redemption of its 5 5/8% senior notes due 2025 and for general corporate purposes.

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