Published on 7/21/2005 in the Prospect News High Yield Daily.
New Issue: Ashtead $250 million 10-year notes yield 8 5/8%
By Paul A. Harris
St. Louis, July 21 - Ashtead Holdings plc priced a $250 million issue of 10-year second-priority senior secured notes (B2) at par on Thursday to yield 8 5/8%, according to market sources.
The yield came at the tight end of the 8¾% area price talk.
Citigroup, JP Morgan and Deutsche Bank Securities were bookrunners for the Rule 144A/Regulation S offering.
Proceeds, together with the proceeds from an equity offering, will be used to refinance and clawback £43 million of the company's existing senior secured notes due 2014.
Ashtead is a Leatherhead, England, equipment rental company.
| Issuer: | Ashtead Holdings plc
|
| Amount: | $250 million
|
| Maturity: | Aug. 1, 2015
|
| Security description: | Second-priority senior secured notes
|
| Bookrunners: | Citigroup, JP Morgan, Deutsche Bank Securities
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 442 basis points
|
| Call features: | Callable after Aug. 1, 2010 at 104.31, 102.87, 101.44, par on and after Aug. 1, 2013
|
| Equity clawback: | Until Aug. 1, 2008 for 35% at 108.625
|
| Trade date: | July 21
|
| Settlement date: | Aug. 3
|
| Rating: | Moody's: B2
|
| Price talk: | 8¾% area
|
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