BATON ROUGE, La.--(BUSINESS WIRE)--May 4, 2016--
H&E Equipment Services, Inc. (NASDAQ: HEES) (the “Company”) announced
that the Company has extended, until 5:00 p.m., New York City time, on
May 11, 2016, the expiration time for its previously announced
solicitation of consents (the “Consent Solicitation”) from holders of
its 7.00% Senior Notes due 2022, CUSIP No. 404030 AE8 (the “Notes”), to
a proposed amendment to the indenture, dated as of August 20, 2012,
under which the Notes were issued.
The proposed amendment would provide for a dividend basket in the
aggregate amount of $50 million per calendar year (with the unused
amount in any calendar year being carried over to succeeding calendar
years) under the restricted payments covenant of the indenture so long
as, at the time of declaration of such dividend, the Leverage Ratio (as
such term defined in the consent solicitation statement) does not exceed
3.5x. The aggregate amount of dividends paid by the Company pursuant to
the new dividend basket would reduce on a dollar-for-dollar basis the
cumulative amount available to the Company for restricted payments under
the “grower” basket of the Indenture. The complete terms and conditions
of the consent solicitation are as set forth in the Company’s consent
solicitation statement dated April 21, 2016, the accompanying consent
form, and the other documents relating to the Consent Solicitation,
previously distributed to holders of the Notes as of the record date of
April 20, 2016.
The Consent Solicitation was previously scheduled to expire on May 4,
2016. Except for the extension of the expiration date as set forth
above, the terms of the Consent Solicitation remain unchanged. Holders
of the Notes that have validly provided consents do not need to take
further action in light of the extension.
D.F. King and Company, Inc. is the Information and Tabulation Agent for
the Consent Solicitation. Copies of the Consent Solicitation Statement
and related documents may be obtained by holders of the Notes from D.F.
King and Company, Inc. at (800) 499-8159.
J.P. Morgan Securities LLC is the Solicitation Agent for the Consent
Solicitation. Questions regarding the Consent Solicitation may be
directed to J.P. Morgan Securities LLC at (toll-free) (866) 834-4666 or
(collect) (212) 834-2494.
None of the Company, the Guarantors, the Trustee, the Information and
Tabulation Agent nor the Solicitation Agent makes any recommendation as
to whether the Holders should consent to the adoption of the proposed
amendment to the Indenture.
THIS NEWS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT
CONSTITUTE A SOLICITATION OF CONSENTS.
THE CONSENT SOLICITATION IS BEING MADE ONLY PURSUANT TO THE SOLICITATION
DOCUMENTS THAT THE INFORMATION AND TABULATION AGENT WILL DISTRIBUTE TO
HOLDERS OF THE NOTES ON THE RECORD DATE. HOLDERS OF THE NOTES SHOULD
READ CAREFULLY THE SOLICITATION DOCUMENTS PRIOR TO MAKING ANY DECISION
WITH RESPECT TO THE CONSENT SOLICITATION, BECAUSE THOSE DOCUMENTS
CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND
CONDITIONS TO, THE CONSENT SOLICITATION.
About H&E Equipment Services, Inc.
The Company is one of the largest integrated equipment services
companies in the United States with 76 full-service facilities
throughout the West Coast, Intermountain, Southwest, Gulf Coast,
Mid-Atlantic and Southeast regions. The Company is focused on heavy
construction and industrial equipment and rents, sells and provides
parts and services support for four core categories of specialized
equipment: (1) hi-lift or aerial platform equipment; (2) cranes;
(3) earthmoving equipment; and (4) industrial lift trucks. By providing
equipment rental, sales, on-site parts, repair and maintenance functions
under one roof, the Company is a one-stop provider for its customers’
varied equipment needs. This full service approach provides the Company
with multiple points of customer contact, enabling it to maintain a high
quality rental fleet, as well as an effective distribution channel for
fleet disposal and provides cross-selling opportunities among its new
and used equipment sales, rental, parts sales and services operations.
Forward-Looking Statements
Certain statements in this press release are “forward-looking
statements” within the meaning of the federal securities laws.
Statements that are not historical facts, including statements about our
beliefs and expectations are forward-looking statements. Statements
containing the words “may,” “could,” “would,” “should,” “believe,”
“expect,” “anticipate,” “plan,” “estimate,” “target,” “project,”
“intend” and similar expressions constitute forward-looking statements.
Forward-looking statements involve known and unknown risks and
uncertainties, which could cause actual results to differ materially
from those contained in any forward-looking statement. Such factors
include, but are not limited to, the following: (1) general economic
conditions and construction and industrial activity in the markets where
we operate in North America; (2) our inability to forecast trends in our
business accurately, and the impact of economic downturns and economic
uncertainty on the markets we serve; (3) the impact of conditions of the
global credit and commodity markets and their effect on construction
spending activity and the economy in general; (4) relationships with
equipment suppliers; (5) increased maintenance and repair costs as we
age our fleet and decreases in our equipment’s residual value; (6) our
indebtedness; (7) risks associated with the expansion of our business;
(8) our possible inability to effectively integrate any businesses we
acquire; (9) competitive pressures; (10) compliance with laws and
regulations, including those relating to environmental matters and
corporate governance matters; and (11) other factors discussed in our
public filings, including the risk factors included in the Company’s
most recent Annual Report on Form 10-K. Investors, potential investors
and other readers are urged to consider these factors carefully in
evaluating the forward-looking statements and are cautioned not to place
undue reliance on such forward-looking statements. Except as required by
applicable law, including the securities laws of the United States and
the rules and regulations of the SEC, we are under no obligation to
publicly update or revise any forward-looking statements after the date
of this release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160504006767/en/
Source: H&E Equipment Services, Inc.
H&E Equipment Services, Inc.
Leslie S. Magee, 225-298-5261
Chief
Financial Officer
lmagee@he-equipment.com
or
Corporate
Communications, Inc. (CCI)
Kevin S. Inda, 941-792-1680
kevin.inda@cci-ir.com
