4th Aug 2021 09:08
(Alliance News) - Ashtead Group PLC on Wednesday said it has priced senior notes offerings worth USD1.30 billion in total, as it set out to lock in low interest rates.
The offering is formed of USD550 million notes due in 2026, and USD750 million due in 2031. The 5-year notes will pay 1.500% in coupon interest, while the 10-year notes have a 2.450% coupon. The 2026 notes were priced at 99.741% of principal and the 2031 notes at 99.745%.
Ashtead had announced the private offering on Tuesday. The funds will be used to redeem 4.125% senior notes due 2025 and 5.250% senior notes due 2026.
"This is our first investment grade issuance, and we are delighted with the support the offering has commanded from investors," Ashtead Chief Executive Brendan Horgan said.
"Good credit markets and our continued success in the execution of our strategy have enabled us to extend our average debt maturity to 6 years and lower our interest cost."
Shares in Ashtead were down 0.1% at 5,307.00 pence in London on Wednesday morning.
By Ivan Edwards; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Ashtead Group