S&P rates Ashtead notes BBB-

S&P said it assigned a BBB- rating to the proposed $1 billion of senior secured second-priority notes to be sold by Ashtead Capital Inc., a financing subsidiary of Ashtead Group plc.

Ashtead plans to sell the notes in two series maturing in 2028 and 2029, respectively.

“We equalize the BBB- issue rating on the proposed notes with our BBB- long-term issuer credit rating on Ashtead Group (BBB-/Stable/--). The equalization reflects our view of the proposed notes' limited subordination to the $4.1 billion senior asset-backed lending (ABL) facility,” said S&P in a press release.

Proceeds will be used to repay $500 million of notes and pay down drawings on the ABL facility.

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