Ashtead Group prices notes offering after strong demand

12th Dec 2013 08:12

Ashtead Group has announced an increased offering of notes, the proceeds of which will be used to repay a portion of debt as well as related fees and expenses. The pricing of the 6.5% notes was increased to $400m, having previously been set at $300m, following strong demand from shareholders. Ashtead's Chief Executive, Geoff Drabble, said: "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 six years. "This enhances the flexibility of our debt package and further strengthens our balance sheet."The offering is set to close on December 17th. The notes, which are due in 2022, will be fully and unconditionally guaranteed on a senior secured basis.NR