By Paul A. Harris
Portland, Ore., Aug. 2 – Ashtead Group plc priced $1.2 billion of second priority senior secured notes in two tranches on Wednesday, according to a market source.
The deal included $600 million of notes due Aug. 15, 2025, which priced at par to yield 4 1/8%. The yield came tighter than the 4¼% to 4½% yield talk. Initial guidance was 4½% to 4¾%.
In addition the company priced $600 million of notes due Dec. 31, 2025 at par to yield 4 3/8%. The yield came tighter than the 4½% to 4¾% yield talk. Initial guidance was 4¾% to 5%.
J.P. Morgan Securities LLC was the lead bookrunner.
The London-based industrial equipment rental company plans to use the proceeds to repurchase all or any of Ashtead Capital's $900 million of outstanding 6½% second priority senior secured notes via a concurrent tender offer and to pay down the first priority senior secured credit facility.
| Issuer: | Ashtead Capital, Inc.
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| Amount: | $1.2 billion
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| Securities: | Second priority senior secured notes
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| Lead bookrunner: | J.P. Morgan Securities LLC
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| Trade date: | Aug. 2
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| Settlement date: | Aug. 9
|
| Rating: | S&P: BBB-
|
| Marketing: | Quick to market
|
|
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| 4 1/8% notes due 2025
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| Amount: | $600 million
|
| Maturity: | Aug. 15, 2025
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| Coupon: | 4 1/8%
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| Price: | Par
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| Yield: | 4 1/8%
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| Call protection: | Three years
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| Price talk: | 4¼% to 4½%
|
|
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| 4 3/8% notes due 2027
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| Amount: | $600 million
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| Maturity: | Dec. 31, 2027
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| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Call protection: | Five years
|
| Price talk: | 4½% to 4¾%
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