04.04.2013

NES to buy back debt

US based NES Rentals has announced a cash tender offer and consent solicitation for its $150 million of 12¼ percent Second Lien Senior Secured Notes, due to mature in 2015

In connection with the tender offer, the company is soliciting consent from the note holders for amendments that would eliminate or modify all of the restrictive covenants associated with the notes, in order to release the collateral that secures its obligations relating to the notes.

Note holders are being offered $1,067.50 per $1,000 of principal, which includes a consent waiver payment of $7.50, in addition all interested and charges will due on the notes up until the date of purchase will be paid in full. The tender offer will expire on April 26th.