Issue of Debt
Ashtead Group PLC
21 July 2005
21 July 2005
ASHTEAD GROUP PLC ('ASHTEAD')
REFINANCING UPDATE
On 7 July, Ashtead Group plc, the international equipment rental group serving
the construction, industrial and homeowner markets, announced a refinancing that
includes:
• the underwritten Placing and Open Offer in respect of 73.4 million New
Ordinary Shares at 95.5 pence per share to raise £70 million
• the raising of $250 million (approximately £142 million), before
expenses, from the issue of New Senior Loan Notes by Ashtead Holdings plc.
Ashtead has now completed the marketing of the New Senior Loan Notes and is
pleased to confirm that they have priced today at an interest rate of 8 5/8%.
This compares to the indicative rate of 9% set out in the announcement made
on 7 July.
Application will be made to the UK Listing Authority for the New Senior Loan
Notes to be admitted to the official list of the UK Listing Authority and to the
London Stock Exchange for the New Senior Loan Notes to be admitted to trading on
the London Stock Exchange's Professional Securities Market. Completion of the
Placing and Open Offer and issuance of the New Senior Loan Notes are
inter-conditional. Completion is currently expected to take place on 3 August.
Definitions used in the Prospectus sent to Shareholders dated 7 July 2005 shall
have the same meanings when used in this announcement, unless the context
requires otherwise.
Ashtead Group plc
George Burnett Chief Executive Officer 01372 362300
Ian Robson Finance Director
The Maitland Consultancy
Brian Hudspith
020 7379 5151
Emma Burdett
None of the New Ordinary Shares or the New Senior Loan Notes have been, nor will
be, registered in the United States under the U.S. Securities Act 1933, as
amended, or under the securities laws of Australia, Canada, France, Japan or New
Zealand and they may not, subject to certain exceptions, be offered, sold,
delivered or transferred, directly or indirectly, in or into the United States,
Australia, Canada, France, Japan or New Zealand or any other jurisdiction where
the extension or availability of the Placing and the Open Offer or the offer or
sale of such securities would breach any applicable law (together, the 'Excluded
Territories') or to, or for the account or benefit of, any national, citizen or
resident of any of the Excluded Territories. This Announcement is not an offer
of securities for sale in the United States and securities may not be offered or
sold in the United States absent registration or an exemption from registration
under the U.S. Securities Act of 1933, as amended. There will be no public
offer of the New Ordinary Shares in the United States. The Debt Issue will be
only made to qualified institutional buyers in accordance with Rule 144A under
the U.S. Securities Act of 1933, as amended, and to investors outside the United
States in accordance with Regulation S under the U.S. Securities Act of 1933, as
amended.
This Announcement shall not constitute or form any part of any offer or
invitation to subscribe for, underwrite or otherwise acquire, or any
solicitation of any offer to purchase or subscribe for, securities including in
the United States.
The release, publication or distribution of this Announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this Announcement is released, published or distributed
should inform themselves about and observe such restrictions. Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction. None of the Company, nor their respective directors,
officers or agents, accepts any liability to any person in relation to the
distribution or possession of the Announcement in any jurisdiction.
This information is provided by RNS
The company news service from the London Stock Exchange
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