Ashtead Group plc (“Ashtead”) announces that it has extended the maturity of a $1.3bn tranche of its asset based senior secured loan facility until November 2013. The extended tranche carries pricing of LIBOR plus 300bp to 375bp depending on leverage. At 31 October 2009, debt under the facility was £386m ($636m) whilst unused availability was $500m. The extended facility and all of the Group’s debt is now effectively covenant free whilst availability exceeds $150m. Other terms and conditions of the facility are broadly unchanged.

Geoff Drabble, chief executive, commented:

“We continue to demonstrate that our financial structure is appropriate to all phases in the economic cycle. We are pleased with the support received from our senior secured lenders in agreeing this maturity extension. The resulting five year weighted average maturity across all our debt ensures that that our existing capital structure has the flexibility and strength required to enable our businesses to succeed and prosper in the years ahead.”

As previously reported, Ashtead will announce its results for the second quarter and first half ended 31 October 2009 on Thursday 3 December.

Contacts:
Geoff Drabble, Chief executive
020 7726 9700

Ian Robson, Finance director
020 7726 9700

Brian Hudspith, Maitland
020 7379 5151