Most Active Stories
- The Louisiana Coast: Last Call — The Shape We're In Now
- The Louisiana Coast: Last Call — How We Got This Way: The Mississippi River
- Bring Your Own Presents: 'Virginia'
- Dirty Diapers Pile Up In Portland Recycling Bins: 'It's Not Pretty'
- As With Dalai Lama Today, Pope's Visit To New Orleans 25 Years Ago Came Amid Violence
Business & Technology
Tue August 7, 2012
H&E Equipment plans debt sell
BATON ROUGE — H&E Equipment Services Inc., a Baton Rouge-based construction machinery provider, plans to sell $480 million in debt to investors.
The company says H&E will use the proceeds to retire existing debt and pay a special, one-time cash dividend of $246 million, or roughly $7 per share.
The Advocate reports the company's board of directors must approve the dividend, its amount and the date it will be paid.
H&E had borrowed $250 million through the sale of senior notes carrying an interest rate of 8.375 percent. Those notes are due in 2016. The company is offering $1,031.67 for every $1,000 in principal on the notes. The deadline to accept the offer is 4 p.m. Aug. 17.