H&E Equipment Services Completes Public Offering

February 13, 2006 — H&E Equipment Services, Baton Rouge, La., announces it has completed its public offering of common stock at a price of $18.00 per share. The company sold 10,937,500 shares in the offering. An additional 1,640,625 shares were sold pursuant to an over-allotment option exercised by the underwriters. H&E Equipment's stock began trading on the Nasdaq National Market on January 31, 2006, under the symbol "HEES."

 

Total net proceeds to H&E from the offering, after deducting underwriter discounts and commissions and estimated offering expenses, are approximately $198,807,813. H&E intends to use the net proceeds to fund the its proposed acquisition of a construction and industrial equipment rental company; purchase rental equipment currently under operating leases; pay deferred compensation owed to a current executive and a former executive; and repay borrowings under H&E's senior secured credit facility and/or use for general corporate purposes with the remaining proceeds.

 

Credit Suisse and UBS Investment Bank acted as joint book-runners for the offering. Banc of America Securities LLC, Deutsche Bank Securities and JP Morgan acted as co-managers for the offering. A registration statement relating to these shares of common stock has been filed with and declared effective by the Securities and Exchange Commission.