28.06.2009

RSC restructures debt while rates fall

RSC one of the largest rental companies in the USA, will issue $400 million of senior secured notes with a maturity date of 2017 and priced at 10 percent, the notes will be sold to qualified institutional buyers.

Net proceeds from the sale will be $381.3 million, which the company will use to pay down some of its assets based term loans and its revolving credit line.

The company has also said that its rental rates have fallen during April and May by around 6.8 percent, but confirmed that its first half results will be in line with expectations.