Following Neff rejection H&E Equipment Services offers notes with eye toward acquisitions
Marcia Gruver Doyle | November 21, 2017

H&E Equipment Services posts 5.9% revenue hike for 3Q and record utilization.

H&E Equipment Services, who earlier this year made an offer for Neff Corporation that was superseded by a higher bid from United Rentals, announced that it will be offering $200 million in aggregate principal amount of its 5.625-percent Senior Notes due in 2025.

In making the announcement, H&E said the proceeds from the new notes would—in addition to repaying indebtedness and other items—be used to “fund potential acquisitions in connection with its ongoing strategy of acquiring rental companies to complement it’s existing business and footprint.”

Earlier this year, H&E offered Neff $21.07 per share, or roughly $1.2 billion. United Rentals then countered with a $25 per share in cash, or $1.317 billion offer. The Neff deal would have almost doubled the amount of H&E branches.

 

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