Ahern Rentals Prices Senior Notes Offering

Jan. 19, 2007
Ahern Rentals last week announced that it has priced an offering of $90 million aggregate principal amount of its 9 ¼-percent second-priority senior secured notes due 2013 in a private offering under Rule 144A of the Securities Act of 1933. The notes were priced at 103.75 percent of par, representing a yield to maturity of 8.497 percent.

Ahern Rentals last week announced that it has priced an offering of $90 million aggregate principal amount of its 9 ¼-percent second-priority senior secured notes due 2013 in a private offering under Rule 144A of the Securities Act of 1933. The notes were priced at 103.75 percent of par, representing a yield to maturity of 8.497 percent.

The offering is an add-on to the company's existing series of 9 ¼-percent second-priority senior secured notes due 2013, $200 million aggregate principal amount of which was issued in August 2005. The new notes and the existing notes will be treated as a single class under the governing indenture.

Ahern Rentals intends to use the net proceeds from the offering to repay a portion of outstanding indebtedness under its bank credit facility and pay transaction fees and expenses. The offering of the notes was expected to close on or about Jan. 17.

The offering of notes will not be and has not been registered under the Securities Act of 1933, and the notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

Las Vegas-based Ahern Rentals is No. 12 on the RER 100.