Credit ratings and debt information
Current credit ratings for Ashtead Group plc are set out in the table below:
Standard & Poor's | ||
---|---|---|
Long term | BBB- | (stable outlook) |
Moody's | ||
Long term | Baa3 | (stable outlook) |
Fitch | ||
Long term | BBB | (stable outlook) |
Funding and liquidity
The Group funds its operations through a mixture of equity and debt. Debt facilities include bank and capital markets borrowings.
The Group targets leverage in the range of 1.5 to 2 times net debt to EBITDA (excluding IFRS 16) over the econonic cycle.
The table below summarises the main facilities available:
Available finance | Facilities available | Maturity |
---|---|---|
Asset-based first priority secured bank debt | $4,500m | 2026 |
Senior notes
Issue Principal | Coupon | Maturity | Amount in issue | Coupon date* |
---|---|---|---|---|
$550m | 1.500% | 2026 | $550m | 12 February / 12 August |
$600m | 4.375% | 2027 | $600m | 15 February / 15 August |
$600m | 4.000% | 2028 | $600m | 1 May / 1 November |
$600m | 4.250% | 2029 | $600m | 1 May / 1 November |
$750m | 2.450% | 2031 | $750m | 12 February/ 12 August |
$750m | 5.500% | 2032 | $750m | 11 February/ 11 August |
$750m | 5.550% | 2033 | $750m | 30 May /30 November |
* The coupon is paid by the Company to the trustee of the bond on the date show above.
As at 31 January 2023, the Group had net debt of $8,819 million.