| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for H&E Equipment Services, Inc. > News item |
H&E Equipment extends consent solicitation for 7% notes by one week
By Wendy Van Sickle
Columbus, Ohio, May 4 – H&E Equipment Services, Inc. said it extended its consent solicitation to amend its 7% senior notes due 2022 by one week.
The consent solicitation will now expire at 5 p.m. ET on May 11, extended from May 4.
No other terms of the consent solicitation have been changed.
As previously reported, the company is asking holders of record as of 5 p.m. ET on April 20 to approve a proposed amendment to the indenture governing the notes.
The proposal requires consents from holders of a majority in principal amount of the notes to take effect.
The company is offering a cash payment equal to $7.50 per $1,000 principal amount of notes for which consents have been delivered.
Consents may be revoked at any time prior to the date a supplemental indenture is executed and becomes effective.
Proposed amendment
The amendment would provide for a dividend basket totaling $50 million per calendar year under the restricted payments covenant of the indenture, as long as, at the time of declaration of the dividend, the leverage ratio does not exceed 3.5 times.
The aggregate amount of dividends paid by the company under the new dividend basket would reduce on a dollar-for-dollar basis the cumulative amount available to the company for restricted payments under the “grower” basket of the indenture.
Under the current terms of the indenture, the company may only pay dividends if it meets specified conditions and has availability under the “grower” basket or if there is availability under one of the other baskets.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-2494) is the solicitation agent. D.F. King and Co., Inc. is the information and tabulation agent.
H&E is a heavy construction and industrial equipment services company based in Baton Rouge, La.
© 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.