By Paul A. Harris
Portland, Ore., April 18 – Boels Rental priced an upsized €600 million issue of Boels Topholding BV six-year senior secured notes (Ba3/BB/BB-) at par to yield 5¾% on Thursday morning, according to market sources.
The issue size increased from €500 million.
The yield came at the tight end of the 5¾% to 6% yield talk. Initial guidance was in the 6% area.
Physical bookrunners were BNP Paribas and JPMorgan.
The equipment rental company plans to use the proceeds to finance the purchase price of Netherlands-based aerial platform renter Riwal and to repay bank debt.
Boels is based in Sittard, the Netherlands.
| Issuer: | Boels Topholding BV
|
| Amount: | €600 million, increased from €500 million
|
| Issue: | Senior secured notes
|
| Maturity: | May 15, 2030
|
| Physical bookrunners: | BNP Paribas (bill and deliver) and JPMorgan
|
| Co-managers: | ABN Amro, ING and Rabobank
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 326 bps
|
| First call: | May 15, 2026 at 102.875
|
| Special call: | 10% of issue annually at 103 during non-call period
|
| Trade date: | April 18
|
| Settlement date: | May 3
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 5¾% to 6%
|
|
|
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