04.05.2015

Ahern to refinance

US based Ahern Rentals, is to raise $550 million, through the sale of eight year Senior Secured Notes with that with an interest rate of 7.375 percent and a maturity date of May 15, 2023. The company increased the size of its original planned offering from $500 million.

The net proceeds from the new notes offering will be used to redeem its outstanding 9.5 percent Second Priority Senior Secured Notes due 2018, pay down a portion of the amount outstanding under its ABL credit facility, repay a shareholder contribution, and pay the related fees and expenses.

The Notes are being offered and sold to qualified institutional buyers in the United States and overseas.