By Paul A. Harris
St. Louis, April 1 - NES Rentals Holdings, Inc. priced a downsized and restructured $150 million issue of 12¼% five-year second-lien senior secured notes (Caa2/CCC+/) at 99.083 to yield 12½% on Friday, according to an informed source.
The yield printed on top of price talk that was revised upward from the original talk of 11½% to 11¾%.
The tenor of the notes was decreased to five years from seven years.
The deal downsized from $250 million.
Deutsche Bank Securities Inc. and Bank of America Merrill Lynch were the joint bookrunners.
Proceeds from the offering will be used for refinancing the company's second-lien term loan.
NES is a Chicago-based heavy equipment and machinery rental company.
| Issuer: | NES Rentals Holdings, Inc.
|
| Face amount: | $150 million, decreased from $250 million
|
| Proceeds: | $148,625,000 (approximate)
|
| Maturity: | April 15, 2015 (tenor decreased from seven years)
|
| Securities: | Second-lien senior secured notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Bank of America Merrill Lynch
|
| Coupon: | 12¼%
|
| Price: | 99.083
|
| Yield: | 12½%
|
| Spread: | 993 bps
|
| Call protection: | Three years
|
| Equity clawback: | 35% at 112.25 until April 15, 2013
|
| Trade date: | April 1
|
| Settlement date: | April 9
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Price talk: | 12½%, increased from 11½% to 11¾%
|
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