2nd Aug 2006 09:16
ASHTEAD GROUP PLC UPDATE ON NATIONSRENT ACQUISITION On 19 July, Ashtead Group plc ("Ashtead"), the international equipment rentalgroup serving the construction, industrial and homeowner markets, announced theproposed acquisition of NationsRent and related transactions that would befinanced through: * the underwritten Rights Issue of 152,141,151 Ordinary Shares at ‚£1.00 per share to raise approximately ‚£152 million before expenses * the raising of US$550 million before expenses, from the issue of New Senior Loan Notes by Ashtead Capital Inc, an indirect subsidiary of Ashtead * drawings under a new underwritten US$1.6bn Senior Secured Credit Facility Ashtead has now completed the marketing of the New Senior Loan Notes and ispleased to confirm that they priced on 1 August at an interest rate of 9% inline with the indicative estimate set out in the announcement made on 19 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 tothe London Stock Exchange for the New Senior Loan Notes to be admitted totrading on the London Stock Exchange's Professional Securities Market. Use ofthe proceeds from the issuance of the New Senior Loan Notes is conditional uponthe completion of the NationsRent acquisition at which time such proceeds willbe used to finance, in part, the acquisition. Subject to approval byShareholders at the forthcoming Extraordinary General Meeting to be held on 4August, completion of the acquisition is currently expected to take place inlate August or early September.Definitions used in the Prospectus sent to Shareholders dated 19 July 2006shall have the same meanings when used in this announcement, unless the contextrequires otherwise.Contacts:Cob Stenham Non-executive chairman 020 7299 5562 George Burnett Chief executive ) Ian Robson Finance director ) 01372 362300 Emma Burdett Maitland 020 7379 5151 ENDASHTEAD GROUP PLCRelated Shares:
Ashtead Group