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Boels launches upsized €600 million six-year secured notes at 5¾%; pricing Thursday
By Paul A. Harris
Portland, Ore., April 18 – Boels Rental upsized its offering of Boels Topholding BV six-year senior secured notes (Ba3/BB/BB-) to €600 million from €500 million and launched the notes at 5¾% on Thursday morning, according to market sources.
The deal launched at the tight end of the 5¾% to 6% price talk. Initial guidance was in the 6% area.
Pricing is expected later Thursday.
The Rule 144A for life and Regulation S notes become subject to an initial call after two years at par plus 50% of the coupon.
Joint physical bookrunner BNP Paribas will bill and deliver. JPMorgan is also a joint physical bookrunner.
ABN Amro, ING and Rabobank are co-managers.
The equipment rental company plans to use the proceeds to finance the purchase price of Netherlands-based aerial platform renter Riwal and to repay bank debt.
Boels is based in Sittard, the Netherlands.
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