Moody's Ratings assigns B3 to EquipmentShare's new senior secured second lien notes

Moody's Investors Service has assigned a B3 rating to EquipmentShare.com Inc.'s newly issued $600 million aggregate principal amount of 8.625% senior secured second lien notes due 2032. This follows a recent credit rating upgrade for the company, with Moody's also upgrading EquipmentShare's ABL credit facility to Ba2 from Ba3, with a stable outlook. The new notes are secured on a pari passu basis with the company’s existing 2028 Notes and are intended to be used primarily for repayment and refinancing of existing debt.

EquipmentShare has demonstrated a pattern of leveraging the bond market to support its growth and operational needs, having previously issued $640 million in 2028 Notes in May 2023 and an additional $400 million in September 2023. The company’s credit profile has also improved in recent months, with S&P Global Ratings upgrading its issuer credit rating to B from B- and assigning a B rating to the new 2032 Notes. The notes were issued under a private placement and are not registered under the Securities Act of 1933.