Ahern Rentals, Inc. Announces Pricing of Second Priority Senior Secured Notes Offering.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- Ahern Rentals, Inc., a leading equipment rental company in the Southwest, announced today that it has priced an offering of $90 million aggregate principal amount of its 9 i % second priority senior secured notes due 2013 in a private offering under Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. of the Securities Act of 1933. The notes were priced at 103.75% of par, representing a yield to maturity of 8.497%. The offering is an add-on to the company's existing series of 9 i % second priority senior secured notes due 2013, $200 million aggregate principal amount of which was issued in August 2005. The new notes and the existing notes will be treated as a single class under the governing indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. . Ahern Rentals, Inc. intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering to repay a portion of outstanding indebtedness under its bank credit facility and pay transaction fees and expenses. The offering of the notes is expected to close on or about January 17, 2007. The offering of notes will not be and has not been registered under the Securities Act of 1933, and the notes may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration or an applicable exemption from the registration requirements of the Securities Act. This press release does not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offering, solicitation or sale would be unlawful. |
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