Ashtead plans quick-to-market $300 million tap of 6½% notes due 2022

By Paul A. Harris

Portland, Ore., Dec. 11 - Ashtead Group plc plans to price a $300 million add-on to the 6½% second-priority senior secured notes due July 15, 2022 (existing ratings B1/BB-) on Wednesday following a late-morning conference call with investors, according to a market source.

Deutsche Bank Securities Inc., Citigroup, J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, HSBC, Lloyds TSB, Mitsubishi UFJ Securities, RBS Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The Rule 144A for life and Regulation S notes become callable on July 15, 2017 at 103.25.

The Leatherhead, England-based equipment rental company plans to use the proceeds to repay a portion of its credit facility.

The original $500 million issue priced at par in June 2012.

Upon settlement the Rule 144A notes will be fungible with the existing notes. The Regulation S notes will have a temporary Cusip until at least 40 days after the issue date.

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