Ashtead Group PLC Issue of Debt (3718R)
September 11 2014 - 1:01AM
UK Regulatory
TIDMAHT TIDM38LP
RNS Number : 3718R
Ashtead Group PLC
11 September 2014
11 September 2014
ASHTEAD GROUP PLC
PRICING OF $500M OF SECOND PRIORITY SENIOR SECURED NOTES
Further to the announcement regarding the notes offering issued
yesterday, Ashtead Group plc ("Ashtead" or the "Company") announces
the pricing of an increased offering of $500 million aggregate
principal amount of 5.625% second priority senior secured notes due
2024 (the "Notes") by Ashtead Capital, Inc., an indirect wholly
owned subsidiary of Ashtead, at an issue price of 100% of the
principal amount of the Notes. The offering is expected to close on
17 September 2014, subject to customary closing conditions.
Ashtead's chief executive, Geoff Drabble, commented:
"We are delighted with the support our new offering has
commanded from investors. Good credit markets have enabled us to
fix the cost of a further tranche of our debt at attractive
long-term rates and extend our average debt maturities beyond 6
years. This enhances the flexibility of our debt package and
further strengthens our balance sheet."
________________________________________________________________________
1. The Notes will be fully and unconditionally guaranteed on a
senior secured basis by Ashtead and substantially all of Ashtead's
material direct and indirect subsidiaries.
2. Ashtead intends to use the proceeds of the offering to repay
a portion of the outstanding amounts borrowed under its first
priority senior secured credit facility and to pay related fees and
expenses.
3. The Notes will be offered in the United States only to
persons reasonably believed to be qualified institutional buyers
pursuant to the exemption from registration under Rule 144A under
the Securities Act of 1933, as amended (the "Securities Act"), and
outside the United States only to non-U.S. investors pursuant to
Regulation S under the Securities Act. The Notes and the related
guarantees have not been and will not be registered under the
Securities Act or any state securities laws and may not be offered,
sold or delivered in the United States unless registered under the
Securities Act or an exemption from the registration requirements
of the Securities Act is available.
4. This release shall not constitute an offer to sell or a
solicitation of an offer to purchase the securities described
herein or any other securities, and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful.
5. Cautionary Statement Regarding Forward-Looking Information:
This release includes forward-looking statements. These statements
relate to our future prospects, developments and business
strategies. These forward-looking statements are identified by
their use of terms and phrases such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "plan," "predict,"
"project," "will" and similar terms and phrases, including
references to assumptions. These forward-looking statements include
all matters that are not historical facts, including the statements
concerning completion of the offering of the Notes and application
of the net proceeds therefrom. Forward-looking statements are not
guarantees of future performance and actual results may differ
significantly from those predicted or suggested by the
forward-looking statements contained in this release. The
information contained in this release is subject to change without
notice and the Company assumes no responsibility or obligation to
update publicly or review any of the forward-looking statements
contained herein.
6. This communication is directed only to persons who (i) are
persons falling within Article 19(5) ("Investment professional") of
the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (as amended, the "Financial Promotion Order"), (ii) are
persons falling within Article 49(2)(a) to (d) ("High net worth
companies, unincorporated associations, etc.") of the Financial
Promotion Order, (iii) are outside the United Kingdom, (iv) are
persons falling within Article 43(2) of the Financial Promotion
Order ("Members and creditors of certain bodies corporate"), or (v)
are persons to whom an invitation or inducement to engage in
investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000) in connection with the
issue or sale of any Securities may otherwise lawfully be
communicated or caused to be communicated (all such persons
together being referred to as "relevant persons"). This
communication is directed only at relevant persons and must not be
acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication
relates is available only to relevant persons and will be engaged
in only with relevant persons.
7. FCA/Stabilisation
Enquiries:
Geoff Drabble Chief executive )
) +44 20 7726 9700
Suzanne Wood Finance director )
Brian Hudspith Maitland +44 20 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
END
IODLMMBTMBBBTPI
Ashtead (LSE:AHT)
Historical Stock Chart
From Apr 2024 to May 2024
Ashtead (LSE:AHT)
Historical Stock Chart
From May 2023 to May 2024