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NationsRent Completes $250M Private Debt Offering

Mon October 27, 2003 - National Edition
CEG



NationsRent Companies Inc. recently announced that it has completed the sale of $250 million 9.5 percent senior secured notes due 2010. The notes were offered to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, to a limited number of institutional accredited investors and to persons outside the United States in compliance with Regulation S. The proceeds from the offering are being used to repay amounts outstanding under the company’s existing senior revolving credit facility, purchase money obligations, equipment leases and for other general corporate purposes.

"These long term notes, together with our cash position and cash generated from operations, will provide us with a solid capital structure and liquidity to execute our strategic initiatives," said Jeff Putman, chief executive officer of NationsRent. "I believe investors found the structure of the offering, the company’s restructured balance sheet, our new management team and the strong equity sponsorship particularly appealing."

This announcement is neither an offer to sell nor a solicitation of an offer to buy these securities. The securities have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

Headquartered in Fort Lauderdale, FL, NationsRent is one of the country’s leading full service equipment rental companies and operates 266 locations in 26 states. NationsRent stores offer a broad range of high-quality construction equipment with a focus on customer service at affordable prices with convenient locations in major metropolitan markets throughout the U.S.