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Ashtead debt buy back

2. August 2017 | Comments (0)

Ashtead, owner of Sunbelt Rentals in the USA and A-Plant in the UK, has announced a cash offer to buy back its outstanding 6.5% second priority senior secured notes due to mature in 2022. They have a total outstanding principal amount of $900 million.

The offer will pay $1,035.50 for each $1,000 of notes, plus any accrued and unpaid interest on the notes up to the payment date. It will expire on 8 August.

UPDATE

Ashtead has launched two new second priority senior notes, the first being $600 million worth witih 4.125 percent rate maturing in 2025 and a second tranche of $600 million with a 4.375 percent rate maturing in 2027. The funds will be used to pay off the $900 million of 6.5 percent notes and pay down other debt.

chief executive, Geoff Drabble said: "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 seven years. This enhances the flexibility of our debt package and further strengthens our balance sheet."
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