Ahern Rentals announced that it has priced its offering of $550 million aggregate principal amount of 7.375-percent senior secured notes due 2023. The notes will mature on May 15, 2023 unless earlier repurchased or redeemed in accordance with their terms. The company increased the size of the offering to $550 million from $500 million.
The net proceeds from the new notes offering will be used to redeem Ahern Rentals’ outstanding 9.5-percent second priority senior secured notes due 2018, pay down a portion of the amount outstanding under its ABL credit facility, repay a shareholder contribution and pay related fees and expenses. A notice of redemption for the existing notes was issued April 24.
The notes are being offered and sold to qualified institutional buyers.