Moody's: H&E notes B3

Moody's Investors Service said it assigned a B3 rating to H&E Equipment Services, Inc. 's proposed $480 million 10-year senior unsecured notes.

Concurrently, all existing ratings were affirmed, including the B1 corporate family rating.

Moody's also assigned an SGL-2 speculative grade liquidity.

The outlook is stable.

Moody's said the proposed transaction would meaningfully increase overall financial leverage as proceeds from the issuance of the proposed $480 million senior unsecured notes are expected to be used to finance a special one-time dividend to shareholders of roughly $246 million, subject to approval by the company's board of directors as well as repurchase the company's existing $250 million senior unsecured notes.

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