Ahern Rentals last week received B and B- ratings from Standard & Poor’s and Moody’s and will be issuing a $180 million bond offering, CEO Don Ahern told RER. UBS bank is the lead underwriter on the deal. Ahern Rentals also received a $60 million revolving line of credit, lead by CIT and co-sponsored by UBS.
Ahern Rentals also reached agreement to purchase the assets of Cowan Rental Services, based in Long Beach, Calif., with branches in Santa Ana and Pacoima, Calif. Ahern said he expects the deal to be finalized around the end of this month. Ahern Rentals plans to hire the CRS employees and keep its locations, which will be added to the 12 locations Ahern Rentals already has in California.
Ahern Rentals also reached agreement with Komatsu to take on the Komatsu dealership for Southern Utah, where it has a branch in St. George.
Las Vegas-based Ahern Rentals is No. 15 on the RER 100. Not including the facilities it will soon add, it has 30 rental centers and four customer-owned repair centers in Nevada, California, Oregon, Arizona, Utah and Colorado.