28th Oct 2019 18:29
(Alliance News) - Ashtead Group PLC said Monday its wholly owned subsidiary, Ashtead Capital Inc, is hoping to raise USD1.00 billion whilst at the same time is redeeming its outstanding 2024 loan notes.
Ashtead Capital is conducting a private offering of about USD1.00 billion second priority senior secured notes due 2028 and second priority senior secured notes due 2029. The notes will be fully and unconditionally guaranteed on a senior secured basis.
"The exact terms and timing of the offering, including the final aggregate principal amount of the notes offered, will depend on market conditions and other factors," Ashtead said.
Ashtead intends to use the net proceeds from the offering to fund its cash tender offer for Ashtead Capital's USD500 million outstanding 5.625% notes due 2024.
The tender offer will expire on Friday.
Shares in the industrial rental equipment firm closed 2.0% higher in London on Monday at 2,314.38 pence each.
By Paul McGowan; [email protected]
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