McGrath details $60 million placement, Teledyne issues $125 million notes; Tetra on tap

By Lisa Kerner

Charlotte, N.C., Nov. 6 – McGrath RentCorp disclosed details of its placement of 3.84% series C senior notes due 2022 in an 8-K filed Friday with the Securities and Exchange Commission.

The company sold $60 million of the series C notes to Prudential Investment Management, Inc., Prudential Retirement Insurance and Annuity Co., the Lincoln National Life Insurance Co., Farmers New World Life Insurance Co. and Physicians Mutual Insurance Co. on Nov. 5.

Proceeds will be used to reduce the outstanding balance on McGrath’s revolving credit line.

McGrath RentCorp is a Livermore, Calif., rental company that offers modular buildings, electronic test equipment and portable storage containers.

Teledyne Technologies Inc. completed its previously announced issue of $125 million of senior unsecured notes.

The notes were issued on Nov. 5 as $25 million of 2.81% notes due 2020 and $100 million of 3.28% notes due 2022.

Teledyne, a Thousand Oaks, Calif.-based technology provider, will use the proceeds for general corporate purposes, including refinancing existing debt, acquisitions and share repurchases, according to a news release.

Tetra Technologies, Inc. said it will issue $125 million of 11% seven-year senior notes to affiliates of GSO Capital Partners LP, with settlement expected in the next two weeks.

Proceeds will be used to repay $90 million of senior notes due April 2016 and to repay other debt and transaction fees.

Tetra is a Woodlands, Texas-based oil and gas services and production company.

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