11.09.2014
Ashtead to raise $500 million
Ashtead is planning a private offering of $500 million worth of second priority senior secured notes with a maturity date of 2024. The exact terms and timing of the offering will depend upon market conditions and other factors. The notes will only be offered in the USA.
Ashtead intends to use the net proceeds to repay a portion of its outstanding amounts borrowed under its first priority senior secured credit facility and to pay related fees and expenses as the next step in its long term balance sheet management. The company said: “This transaction will enable the company to fix the cost of a further tranche of its debt at attractive long-term rates and extend its average debt maturity profile”.
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