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Carlyle, Seven Group-backed Coates Hire denies IPO reports

26 Jul 2012

Global buyout giant Carlyle and Australia’s Seven Group Holdings are reported to be looking to raise up to $722m through an initial public offering of Coates Hire  – news the equipment-rental business has strongly denied.

The Wall Street Journal reported the news on Thursday, citing unnamed sources.

In a statement released today, Coates Hire finance director James Welch denied the reports.

“Contrary to online media reports, Coates Hire does not currently have an intention to conduct an initial public offering,” he said.

“The company is in the advanced stages of refinancing its senior credit facility and anticipates completing this process by the end of August.

“As is always the case, we continue to review various means of funding the continued strong growth of the Coates Hire business.”

The move follows reports last month that Carlyle had entered discussions to refinance A$1.9bn ($1.9bn) in loans it used to back the buyout of the business four years ago.

The firm, which bought the company in 2008 for A$1.7bn, is thought to be looking for three-year money to protect itself against an even longer wait for an exit.

The company’s debt is not due until 2014, but Carlyle is understood to have begun refinancing talks early as many of the original lenders have either gone bust or are not lending to LBOs in Australia.

The original lenders included ABN AMRO Bank, Allied Irish Banks, Aozora Bank, Bank of Ireland, Landsbanki Luxembourg and WestLB.

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