Ashtead Group PLC Notes Offering (9961M)
03 August 2017 - 4:03PM
UK Regulatory
TIDMAHT
RNS Number : 9961M
Ashtead Group PLC
03 August 2017
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."
____________________________________________________________________________
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.
Enquiries:
Geoff Drabble, Chief
Executive
Suzanne Wood, Finance
Director
Will Shaw, Director
of Investor Relations +44 (0)20 7726 9700
Becky Mitchell, Maitland
Tom Eckersley, Maitland +44 (0)20 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
END
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