NEW YORK, Feb 11 (IFR) - Investor orders for BlueLine
Rental's USD250m payment-in-kind (PIK) toggle are in excess of
USD2bn, according to a market source on Tuesday.
Price talk on the deal was announced earlier at 9.75%-10%,
and the trade is expected to price later today. Bank of America
Merrill Lynch is left lead on the transaction, alongside
bookrunners Barclays, Goldman Sachs and Morgan Stanley.
The proceeds will pay financial sponsor owner Platinum
Equity a dividend to cover the cash it put into the leveraged
buyout of Volvo Construction Equipment Rents (VCE), since
renamed BlueLine Rental, in December.
Platinum paid USD1.1bn to buy VCE two months ago from
Swedish truck maker Volvo, using USD201m of cash, a
USD760m senior secured note that has performed strongly in the
secondary, and a USD156m asset-based revolver.