New Issue: Ashtead prices $500 million 10-year notes at par to yield 6½%

By Paul A. Harris

Portland, Ore., June 29 - Ashtead Group plc priced a $500 million issue of 10-year second-priority senior secured notes (B2/B+) at par to yield 6½% on Friday, according to market sources.

The yield printed at the tight end of the 6½% to 6¾% yield talk.

Deutsche Bank Securities Inc., Citigroup Global Markets, J.P. Morgan Securities LLC, Barclays Capital Inc., HSBC, Lloyds, Mitsubishi UFJ, RBS, UBS Investment Bank and Wells Fargo Securities LLC were the joint bookrunners for the quick-to-market deal.

The Leatherhead, England-based equipment rental company plans to use the proceeds, along with proceeds from its first-priority senior secured credit facility, to acquire all $550 million of Ashtead Capital's outstanding 9% senior secured notes due 2016 under a cash tender.

Issuer:	Ashtead Group plc
Amount:	$500 million
Maturity:	July 15, 2022
Securities:	Second-priority senior secured notes
Bookrunners:	Deutsche Bank Securities Inc., Citigroup Global Markets, J.P. Morgan Securities LLC, Barclays Capital Inc., HSBC, Lloyds, Mitsubishi UFJ, RBS, UBS Investment Bank, Wells Fargo Securities LLC
Coupon:	6½%
Price:	Par
Yield:	6½%
Spread:	484 bps
First call:	Callable July 15, 2017 at 103.25
Trade date:	June 29
Settlement date:	July 16
Ratings:	Moody's: B2
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	6½% to 6¾%
Marketing:	Quick to market

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