NationsRent Companies, Inc. Announces Pricing For Debt Tender Offers
August 16, 2006 • NationsRent Companies, Inc., Fort Lauderdale, Fla., set the pricing for its previously announced cash tender offers and consent solicitations in respect of its outstanding 9½% Senior Secured Notes due 2010 (the “2010 Notes”) and its 9½% Senior Notes Due 2015 (the “2015 Notes,” and, together with the 2010 Notes, the “Notes”). The terms of the tender offers and consent solicitations for the Notes are detailed in NationsRent's Offer to Purchase and Consent Solicitation Statement dated July 19, 2006.
The total consideration for the 2010 Notes was determined as of 2:00 p.m., New York City time, on August 15, 2006, assuming a payment date of August 30, 2006 and using the yield of the 4-1/4% U.S. Treasury Note due October 31, 2007 (the “2010 Reference Security”) plus a fixed spread of 50 basis points. The yield on the 2010 Reference Security, as calculated by Jefferies & Company, was 5.096%. Accordingly, the total consideration, excluding accrued and unpaid interest, for each $1,000 principal amount of 2010 Notes validly tendered and not withdrawn at or prior to 5:00 p.m., New York City time, on July 31, 2006 (the “Consent Deadline”) is $1,086.52, which includes a consent payment of $30. The tender offer consideration, excluding accrued and unpaid interest, for each $1,000 principal amount of 2010 Notes validly tendered after the Consent Deadline but at or prior to 5:00 p.m.,
The total consideration for the 2015 Notes was determined as of 2:00 p.m., New York City time, on August 15, 2006, assuming a payment date of August 30, 2006 and using the yield of the 3-7/8% U.S. Treasury Note due May 15, 2010 (the “2015 Reference Security”) plus a fixed spread of 50 basis points. The yield on the 2015 Reference Security, as calculated by Jefferies & Company, was 4.874%. Accordingly, the total consideration, excluding accrued and unpaid interest, for each $1,000 principal amount of 2015 Notes validly tendered and not withdrawn at or prior to the Consent Deadline is $1,174.72, which includes a consent payment of $30. The tender offer consideration, excluding accrued and unpaid interest, for each $1,000 principal amount of 2015 Notes validly tendered after the Consent Deadline but at or before the Expiration Time is $1,144.72, which equals the total consideration less the consent payment.
The tender offers are scheduled to expire at 5:00 p.m.
The dealer managers for the offer are Jefferies & Company, Inc. (800-801-1081) and Citigroup Corporate and Investment Banking (800-558-3745). The depositary for the offer is Wilmington Trust Company.
Noteholders with questions or who would like additional copies of the offer documents may call the information agent, Innisfree M&A Incorporated, toll-free at (888) 750-5834.
