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Ashtead updates on notes offering

02 August 2017 13:02

Ashtead Group has announced that its wholly owned subsidiary, Ashtead Capital, is conducting a private offering, subject to market and other conditions, of approximately $1.2bn consisting of second priority senior secured notes due 2025 and second priority senior secured notes due 2027.

The Notes will be fully and unconditionally guaranteed on a senior secured basis by Ashtead and certain of Ashtead's direct and indirect subsidiaries.

Ashtead said it intends to use the net proceeds of the offering to:

- repurchase all or any of Ashtead Capital's outstanding 6.50% second priority senior secured notes (of which approximately $900m

- pay related fees and expenses and

- repay a portion of the outstanding amounts borrowed under its first priority senior secured credit facility.

At 1:02pm:

(LON:AHT) Ashtead Group PLC share price was -31.5p at 1628.5p

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