Ashtead talks $550 million 10-year notes at 9%-9¼%

By Paul A. Harris

St. Louis, July 31 - Ashtead Group plc talked its $550 million offering of 10-year second-priority senior secured notes (B3/B) at 9% to 9¼% on Monday, according to a market source.

Pricing is expected on Tuesday.

Citigroup, Deutsche Bank Securities and UBS Investment Bank are joint bookruners for the Rule 144A and Regulation S offering. Banc of America Securities LLC and JP Morgan are co-managers.

The notes come with five years of call protection.

Proceeds will be used to partially fund the $1 billion acquisition of NationsRent and redeem Ashtead's outstanding 12% sterling loan notes.

Ashtead is a Leatherhead, U.K.-based provider of equipment rental services.

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