21st Jul 2005 14:18
Ashtead Group PLC21 July 2005 21 July 2005 ASHTEAD GROUP PLC ("ASHTEAD") REFINANCING UPDATE On 7 July, Ashtead Group plc, the international equipment rental group servingthe construction, industrial and homeowner markets, announced a refinancing thatincludes: • the underwritten Placing and Open Offer in respect of 73.4 million NewOrdinary Shares at 95.5 pence per share to raise £70 million • the raising of $250 million (approximately £142 million), beforeexpenses, from the issue of New Senior Loan Notes by Ashtead Holdings plc. Ashtead has now completed the marketing of the New Senior Loan Notes and ispleased to confirm that they have priced today at an interest rate of 8 5/8%. This compares to the indicative rate of 9% set out in the announcement madeon 7 July. Application will be made to the UK Listing Authority for the New Senior LoanNotes to be admitted to the official list of the UK Listing Authority and to theLondon Stock Exchange for the New Senior Loan Notes to be admitted to trading onthe London Stock Exchange's Professional Securities Market. Completion of thePlacing and Open Offer and issuance of the New Senior Loan Notes areinter-conditional. Completion is currently expected to take place on 3 August. Definitions used in the Prospectus sent to Shareholders dated 7 July 2005 shallhave the same meanings when used in this announcement, unless the contextrequires otherwise. Ashtead Group plc George Burnett Chief Executive Officer 01372 362300 Ian Robson Finance Director The Maitland ConsultancyBrian Hudspith 020 7379 5151Emma Burdett None of the New Ordinary Shares or the New Senior Loan Notes have been, nor willbe, registered in the United States under the U.S. Securities Act 1933, asamended, or under the securities laws of Australia, Canada, France, Japan or NewZealand and they may not, subject to certain exceptions, be offered, sold,delivered or transferred, directly or indirectly, in or into the United States,Australia, Canada, France, Japan or New Zealand or any other jurisdiction wherethe extension or availability of the Placing and the Open Offer or the offer orsale of such securities would breach any applicable law (together, the "ExcludedTerritories") or to, or for the account or benefit of, any national, citizen orresident of any of the Excluded Territories. This Announcement is not an offerof securities for sale in the United States and securities may not be offered orsold in the United States absent registration or an exemption from registrationunder the U.S. Securities Act of 1933, as amended. There will be no publicoffer of the New Ordinary Shares in the United States. The Debt Issue will beonly made to qualified institutional buyers in accordance with Rule 144A underthe U.S. Securities Act of 1933, as amended, and to investors outside the UnitedStates in accordance with Regulation S under the U.S. Securities Act of 1933, asamended. This Announcement shall not constitute or form any part of any offer orinvitation to subscribe for, underwrite or otherwise acquire, or anysolicitation of any offer to purchase or subscribe for, securities including inthe United States. The release, publication or distribution of this Announcement in certainjurisdictions may be restricted by law and therefore persons in suchjurisdictions into which this Announcement is released, published or distributedshould inform themselves about and observe such restrictions. Any failure tocomply with these restrictions may constitute a violation of the securities lawsof any such jurisdiction. None of the Company, nor their respective directors,officers or agents, accepts any liability to any person in relation to thedistribution or possession of the Announcement in any jurisdiction. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ashtead Group