By Paul A. Harris
St. Louis, Aug. 1 - Ashtead Group plc priced an upsized $650 million issue of 10-year second-priority senior secured notes (B3/B) at par to yield 9% on Tuesday, according to a market source.
The yield came at the tight end of the 9% to 9¼% price talk.
Citigroup, Deutsche Bank Securities and UBS Investment Bank were joint bookruners for the Rule 144A and Regulation S offering. Banc of America Securities LLC and JP Morgan were co-managers.
Proceeds will be used to partially fund the $1 billion acquisition of NationsRent and to redeem Ashtead's outstanding 12% sterling loan notes.
The issue was upsized from $550 million.
Ashtead is a Leatherhead, U.K.-based equipment rental company.
| Issuer: | Ashtead Group plc
|
| Amount: | $650 million (increased from $550 million)
|
| Maturity: | Aug. 15, 2016
|
| Security description: | Second-priority senior secured notes
|
| Bookrunners: | Citigroup, Deutsche Bank Securities, UBS Investment Bank
|
| Co-managers: | Banc of America Securities LLC, JP Morgan
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Spread: | 401 bps
|
| Call features: | Callable on and after Aug. 15, 2011 at 104.50, 103.0, 101.50, par on and after Aug. 15, 2014
|
| Equity clawback: | Until Aug. 15, 2009 for 35% at 109.0
|
| Trade date: | Aug. 1
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 9% to 9¼%
|
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