H&E Equipment Services and its wholly owned subsidiary, H&E Finance Corp., last week announced the pricing terms of its previously announced cash tender offer and consent solicitation for its 11 1/8 percent senior secured notes due 2012, and 12 ½ percent Senior Subordinated Notes due 2013.
As a result of the extension of the price determination date from June 7, 2006 to July 6, 2006, the pricing terms of the tender offer and consent solicitation previously announced on June 7, 2006 have been recalculated.
The total consideration per $1,000 principal amount of senior secured notes that are validly tendered prior to midnight, Eastern time, on July 20, 2006 will be $1,097.74, and the total consideration per $1,000 principal amount of senior subordinated notes that are validly tendered prior to the expiration date will be $1,116.13. In each case, the total consideration per $1,000 principal amount of notes that are validly tendered prior to the expiration date includes a cash consent payment of $30.00. Holders of notes validly tendered prior to the expiration date will also receive accrued and unpaid interest on their notes up to, but not including, the payment date for the tender offer and consent solicitation.
As of last week, the issuers had received tenders and consents for $195.5 million in aggregate principal amount of the senior secured notes, representing approximately 97.8 percent of the outstanding senior secured notes and $53 million in aggregate principal amount of the senior subordinated notes, representing 100 percent of the outstanding senior subordinated notes. The tender offer and consent solicitation remains open and is scheduled to expire on the expiration date.
Baton Rouge, La.-based H&E Equipment Services is No. 10 on the RER 100.
