Boels bond offering raises €400 million
04 October 2023
Boels Rental has succesfully priced an inaugural bond offering of €400 million.
The bonds, which were issued in September and have a 6.25% fixed rate senior notes due by 2029, are part of the company’s strategy to diversify its funding sources and manage its debt maturities.
Boels said the proceeds will be used to repay and cancel a portion of its existing term loan B in a principal amount equal to €200 million.
Meanwhile, it will also be used to repay in full amounts drawn under the its existing revolving credit facility, fund cash on its balance sheet for general corporate purposes and pay fees and expenses in connection with the offering.
The company said the offering was “well received in capital markets with investors’ orders substantially oversubscribing the transaction.”
Boels said it expects the bonds to be added to trading on the Official List of The International Stock Exchange.
Jan Piet Valk, CFO of Boels Rental said, “This transaction confirms the confidence the financial markets have in the Boels Group, as a result of the company’s commitment to support and add value to its customers in 18 countries under all circumstances.”