EquipmentShare.com talks downsized $600 million 9% five-year notes to yield 9½%-9¾%

By Paul A. Harris

Portland, Ore., May 3 – EquipmentShare.com Inc. downsized its offering of five-year second-lien senior secured notes (B1/B-) to $600 million from $750 million, according to market sources.

The deal is talked with a 9% coupon at an original issue discount of 97.074 to 98.036 to yield 9½% to 9¾%. Official yield talk comes well wide of early guidance in the mid-to-high 8% area.

The Rule 144A and Regulation S notes are set to price on Wednesday.

The notes become callable after two years at par plus 50% of the coupon.

Goldman Sachs & Co. LLC is the left bookrunner. Wells Fargo Securities LLC, Capital One Securities Inc., Citigroup Global Markets Inc., Fifth Third Securities Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America Inc. and Truist Securities Inc. are the joint bookrunners.

Regions Securities LLC and UBS Securities LLC are the co-managers.

The Columbia, Mo.-based provider of construction equipment and technologies plans to use the proceeds to pay off its term loan facility and its Central Trust Bank term loan, as well as to partially repay its ABL facility, and for general corporate purposes.

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