BATON ROUGE, La. — H&E Equipment Services last month set its pending initial public offering at 10.9 million shares, according to documents the company filed with the Securities and Exchange Commission. The Baton Rouge, La.-based distributor and rental company is seeking to raise at least $150 million through the sale of shares priced at an estimated $15 to $17 per share.

H&E originally filed an IPO in October 2005 to sell up to $201.25 million in common stock. In the SEC filing, it said it planned to use $57.7 million from the net proceeds to fund its proposed acquisition of La Mirada, Calif.-based aerial rental firm Eagle High Reach. H&E also said it intends to use about $35 million to purchase rental equipment currently under operating leases, pay about $8.3 million in deferred compensation costs owed to a current and a former executive, and repay about $50 million of borrowings outstanding under its senior secured credit facility.

Credit Suisse First Boston, UBS Investment Bank, Banc of America Securities LLC, Deutsche Bank Securities and JPMorgan were listed as underwriters for the offering. The underwriters have an option to purchase up to 1.64 million additional shares to cover over-allotments, according to the filings.

The company said the acquisition of Eagle would give it a strong presence in the California aerial market, in which it doesn't currently operate, thus enhancing its national footprint. H&E made a $2 million deposit to acquire Eagle, which it risks losing if the transaction is not consummated.

The company said if it failed to consummate the Eagle acquisition, the funds raised for that purpose would be earmarked “for general corporate purposes, including investment in our operations or to further our business or growth strategies.”

H&E chairman Gary Bagley serves as interim CEO of Eagle High Reach Equipment. Both he and H&E executive Ken Sharp are directors of Eagle.

H&E estimates net proceeds from the sale of common stock at about $151 million, or up to $175.4 million if the underwriters exercise their over-allotment option in full.

The company said it has applied to list its common stock on the Nasdaq National Market under the symbol HEES.

H&E Equipment Services is No. 10 on the RER 100.