By Cristal Cody
Chicago, Jan. 25 – Ashtead Group plc sold $750 million 5.55% senior notes due in May 2033 (Baa3/BBB-/BBB) on Tuesday, according to a press release with details added from a market source.
Subsidiary Ashtead Capital Inc. is the issuer.
Pricing on the spread came at 212.5 basis points over Treasuries. Initial talk was in the 240 bps area.
BofA Securities, Citigroup and JPMorgan are the bookrunners for the Regulation S and Rule 144A offering.
Proceeds will be used for general corporate purposes and will initially be used to repay a portion of the borrowings outstanding under the company’s first priority senior secured credit facility, without a reduction in the commitment.
The British industrial equipment rental company is based in London.
| Issuer: | Ashtead Capital Inc.
|
| Guarantor: | Ashtead Group plc
|
| Amount: | $750 million
|
| Issue: | Senior notes
|
| Maturity: | May 30, 2033
|
| Bookrunners: | BofA Securities, Citigroup and JPMorgan
|
| Coupon: | 5.55%
|
| Price: | 99.767
|
| Spread: | Treasuries plus 212.5 bps
|
| Trade date: | Jan. 24
|
| Settlement date: | Jan. 30
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 240 bps area
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