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(Alliance News) - Ashtead Group PLC said Tuesday it has priced USD1.20 billion in senior secured notes being offered by its subsidiary, Ashtead Capital Inc.
The FTSE 100-listed equipment rental firm first announced the notes offering late Monday, saying that Ashtead Capital was looking to raise around USD1.00 billion.
Ashtead Capital is offering USD600 million in 4.00% second priority senior secured notes due 2028, and another USD600 million in 4.25% second priority senior secured notes due 2029.
The offering is expected to close on Monday next week, and the proceeds will go towards funding its cash tender offer for Ashtead Capital's USD500 million outstanding 5.625% notes due 2024, and repay part of the outstanding amount borrowed under its first priority senior secured credit facility.
"We are delighted with the support our new offering has commanded from investors. Good credit markets have enabled us to fix the cost of a further tranche of our debt at attractive long-term rates and extend our average debt maturity beyond six years. This enhances the flexibility of our debt package and further strengthens our balance sheet," said Chief Executive Brendan Horgan.
Shares in Ashtead - which is headquartered in London, UK - were down 0.2% at 2,316.00 pence on Tuesday morning.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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