Leasing company General Finance (GFN) will be sell a new issue of Senior Notes with maturity in 2025.
The company will use the proceeds to redeem a portion of their 8.125% notes due in 2021 (GFNSL) which can be seen here.
The company has a $100/share 9% preferred outstanding (GFNCP) which is redeemable now, but chose to refinance the debt.
The new notes will be unrated.
Investors beware that GFN has shown net income in only 1 of the last 5 years, although free cash has been decent because of the giant sized non cash charge expense of depreciation. The company leases steel containers, mobile offices and other modular products which depreciate fairly rapidly.
mcg and Eugene were on top of this one.