Published on 4/11/2024 in the Prospect News High Yield Daily.
New Issue: EquipmentShare prices upsized $600 million 8 5/8% second-lien notes due 2032 at par
By Paul A. Harris
Portland, Ore., April 11 – EquipmentShare.com, Inc. priced an upsized $600 million issue of eight-year senior secured second-lien notes (B3/B) at par to yield 8 5/8% on Thursday, according to a syndicate source.
The issue size increased from $500 million.
The yield printed at the tight end of yield talk in the 8¾% area. Initial guidance as 8¾% to 9%.
The issue priced on an accelerated timeline. When announced Thursday morning it was scheduled to remain in the market until Friday.
Joint bookrunners were Citigroup Global Markets Inc., Fifth Third Securities, Inc., SMBC Nikko Securities America, Inc., Capital One Securities, Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., Truist Securities Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Regions Securities LLC.
The Columbia, Mo.-based equipment rental company plans to use the proceeds, including the incremental proceeds resulting from the $100 million upsize, to repay a portion of its ABL revolver and send cash to its balance sheet.
| Issuer: | EquipmentShare.com, Inc.
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| Amount: | $600 million, increased from $500 million
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| Issue: | Senior secured second-lien notes
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| Maturity: | May 15, 2032
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| Left bookrunner: | Wells Fargo Securities, LLC
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| Joint bookrunners: | Citigroup Global Markets Inc., Fifth Third Securities, Inc., SMBC Nikko Securities America, Inc., Capital One Securities, Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., Truist Securities Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Regions Securities LLC
|
| Co-manager: | U.S. Bancorp Investments, Inc.
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| Coupon: | 8 5/8%
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| Price: | Par
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| Yield: | 8 5/8%
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| Spread: | 402 bps
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| Call protection: | Three years
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| Trade date: | April 11
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| Settlement date: | April 16
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| Ratings: | Moody’s: B3
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| S&P: B
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 8¾% area
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