H&E Equipment Services to amend credit facility size and maturity

By Sara Rosenberg

New York, Aug. 6 - H&E Equipment Services Inc. plans to amend its credit facility to increase the revolver size to $402.5 million from $320 million and extend the maturity to March 1, 2017 from Feb. 29. 2017, according to an 8-K filed with the Securities and Exchange Commission on Monday.

In addition, the amendment will allow for the refinancing of at least $200 million but no more than $480 million of senior notes and allow for the payment of a special cash dividend to stockholders.

As a result of the revolver upsizing the accordion feature will be reduced to $47.5 million from $130 million.

General Electric Capital Corp. is the agent on the deal.

On Monday morning, the company announced plans to sell $480 million of senior notes, which will be used with revolver borrowings to repurchase 8 3/8% senior notes due 2016 and pay a roughly $246 million one-time cash dividend.

The amendment and the notes are expected to close concurrently.

H&E is a Baton Rouge, La.-based equipment services company.

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