Paul Hastings Advises Bank of America on $1.75 Billion Cross-Border Financing to Fund Ashtead Group's Acquisition of NationsRent

September 01, 2006

Paul Hastings Advises Bank of America on $1.75 Billion Cross-Border Financing to Fund Ashtead Group's Acquisition of NationsRent

Atlanta, GA (September 1, 2006) - Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, has advised Bank of America, as co-lead arranger with Deutsche Bank Securities, Inc., and as administrative agent, on one of the largest cross-border asset-based financings arranged by Bank of America, a $1.75 billion financing for certain subsidiaries of Ashtead Group plc, a UK company. The new facility consists of a $1.5 billion revolving credit facility and a $250 million term loan.  Proceeds of the facility, together with proceeds of other debt and equity issuances, were used to finance the merger of NationsRent Companies, Inc. into a subsidiary of Ashtead Group, creating the second largest equipment rental company in the world. The deal closed on August 31, 2006.

"A complex financing of this nature is a great example of the firm's ability to form strong legal teams that cross borders and disciplines to meet our clients' specific needs," said Cindy Davis, lead partner for the Paul Hastings team.

In addition to Cindy Davis, the Paul Hastings team included Atlanta attorneys Craig Lee, Emily Pittman, Jason Hartsough, Ted Smith, Jeremy Hilsman, Leah Weinberg; and London partners Keith Wilson and Linda Fletcher, and associates Tuvi Keinan and David Nyman.

About Bank of America: Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.

About Paul Hastings Corporate Department: Teams of Paul Hastings' corporate attorneys provide clients with the sophisticated, cross-border legal and business expertise they need to finance and operate companies. The firm's Securities and Capital Markets, M&A, Lending, Project Finance, Private Equity, Investment Management and Securitization practices are nationally and internationally ranked. Paul Hastings' attorneys are experienced in every aspect of modern transactional practice in virtually every industry and service sector. Clients include major financial institutions, domestic, international, public and private companies.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at


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