H&E Equipment Services completed its public offering of common stock at a price of $18 per share. The company sold 10.9 million shares in the offering, and an additional 1.6 million shares were sold pursuant to an over-allotment option exercised by the underwriters.
The company’s stock began trading on the Nasdaq National Market on Jan. 31 under the symbol HEES.
Total net proceeds to the company from the offering, after deducting underwriter discounts and commissions and estimated offering expenses, are about $198.9 million. The company intends to use the net proceeds to fund its proposed acquisition of Los Angeles-based aerial rental company Eagle High Reach; purchase rental equipment currently under operating leases; pay deferred compensation owed to a current executive and a former executive; and, with the remaining proceeds, repay borrowings under the company’s senior secured credit facility and use for general corporate purposes.
Based in Baton Rouge, La., H&E Equipment Services is No. 10 on the RER 100.
