Ashtead Group Regulatory News (AHT)

ASHTEAD GROUP PLC

PRICING OF $1.2B OF SECOND PRIORITY SENIOR SECURED NOTES

3 August 2017

Further to the announcement regarding the notes offering issued yesterday, Ashtead Group plc ("Ashtead" or the "Company") announces the pricing of the offering of $600 million aggregate principal amount of 4.125% second priority senior secured notes due 2025 (the "2025 Notes") and $600 million aggregate principal amount of 4.375% second priority senior secured notes due 2027 (the "2027 Notes" and, together with the 2025 Notes, the "Notes") by Ashtead Capital, Inc. ("Ashtead Capital"), an indirect wholly owned subsidiary of Ashtead. The issue price is 100% of the principal amount of the 2025 Notes and 100% of the principal amount of the 2027 Notes, respectively. The offering is expected to close on 9 August 2017, subject to customary closing conditions. The Notes will be fully and unconditionally guaranteed on a senior secured basis by Ashtead and certain of Ashtead's direct and indirect subsidiaries.

Ashtead intends to use the net proceeds of the offering to (i) repurchase all or any of Ashtead Capital's outstanding 6.50% second priority senior secured notes (of which approximately $900 million in aggregate principal amount is outstanding) pursuant to a cash tender offer (the "Offer") commenced by Ashtead Capital yesterday, the details of which are provided in a separate announcement (ii) pay related fees and expenses and (iii) repay a portion of the outstanding amounts borrowed under its first priority senior secured credit facility. The closing of the offering will not be conditioned on consummation of the Offer.

Ashtead's chief executive, Geoff Drabble, commented:

"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 significant tranche of our debt at attractive long-term rates. This new offering, combined with the recent extension of our $3.1 billion senior secured credit facility on the existing terms, which now matures in 2022, means our average debt maturity is almost 7 years. This enhances the flexibility of our debt package and further strengthens our balance sheet."

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1. The Notes are being offered in the United States only to qualified institutional buyers pursuant to the exemption from registration under Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or any state securities laws and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

2. This release shall not constitute an offer to sell or a solicitation of an offer to purchase the securities described herein or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

3. Ashtead is a public limited company incorporated under the laws of England and Wales and its stock is publicly traded on the London Stock Exchange (LSE: AHT). The Company is one of the largest international equipment rental companies, with a network of 808 stores in the United States ("US"), Canada and the United Kingdom ("UK") as of 30 April 2017. Ashtead conducts its equipment rental operations in the US and Canada under the name "Sunbelt Rentals" and in the UK under the name "A-Plant."

4. This communication is directed only to persons who (i) are outside the United Kingdom; (ii) are persons falling within Article 19(5) ("Investment professional") of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (iii) are persons falling within Article 49(2)(a) to (d) ("High net worth companies, unincorporated associations, etc.") of the Financial Promotion Order, (iv) are persons falling within Article 43(2) of the Financial Promotion Order ("Members and creditors of certain bodies corporate"), or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any Securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This communication is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.

5. FCA/Stabilisation.

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