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LONDON - Ashtead Group plc (LSE:AHT) announced Monday that its wholly owned subsidiary, Ashtead Capital, Inc., has initiated consent solicitations for holders of six series of outstanding notes with an aggregate principal amount of $3.85 billion.
The company is seeking approval to amend the definition of "Generally Accepted Accounting Principles" or "GAAP" in the indentures governing these notes to align with the definition in its more recently issued 5.800% Senior Notes due 2034. This amendment would allow Ashtead to select either IFRS or U.S. GAAP for compliance with reporting covenants.
Ashtead Capital is offering a consent fee of $1.00 for each $1,000 principal amount to noteholders who provide valid consents by the September 26, 2025 deadline. Payment is contingent upon receiving approval from holders of at least a majority in principal amount for each series of notes.
The solicitation covers six note series: 1.500% Senior Notes due 2026 ($550 million), 4.375% Second Priority Senior Secured Notes due 2027 ($600 million), 4.000% Second Priority Senior Secured Notes due 2028 ($600 million), 4.250% Second Priority Senior Secured Notes due 2029 ($600 million), 2.450% Senior Notes due 2031 ($750 million), and 5.500% Senior Notes due 2032 ($750 million).
If approved, the amendments will become operative upon payment of the consent fee, binding all holders of the affected notes regardless of whether they consented.
Ashtead Group operates 1,569 equipment rental stores across the United States, Canada, and United Kingdom under the Sunbelt Rentals brand as of July 31, 2025.
J.P. Morgan Securities LLC is serving as the sole solicitation agent for the transaction. The information in this article is based on a press release statement from Ashtead Group.
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