Ahern Rentals Elects to Terminate Previously Announced Exchange Offer of its 7.375% Second Priority Senior Secured Notes

LAS VEGAS, Aug. 23, 2022 /PRNewswire/ -- Ahern Rentals, Inc. ("Ahern") elected to terminate, effective immediately, its previously announced offer to eligible holders to exchange (the "Exchange Offer") its 7.375% Second Priority Senior Secured Notes (CUSIP: 008674AH6 / U0085GAD1; ISIN US008674AH66 / USU0085GAD17) (the "Notes") and solicitation of consents from holders of the Notes (the "Consent Solicitation") to amend the indenture governing the Notes, each as set forth in and subject to the terms and conditions of the Confidential Offering Memorandum and Consent Solicitation Statement dated June 30, 2022 ("Confidential Offering Memorandum").

As a result of the termination of the Exchange Offer, Notes previously tendered in the Exchange Offer, if any, will not be accepted for exchange for new notes, no exchange consideration will be delivered or become payable to holders who have properly tendered their Notes pursuant to the Exchange Offer, and any Notes previously tendered pursuant to the Exchange Offer will be promptly returned to the tendering holders.

As a result of the termination of the Consent Solicitation, the proposed amendments to the indenture governing the Notes will not become effective, the Notes will remain outstanding and subject to the terms of the existing indenture currently governing the Notes, and consents previously delivered pursuant to the Consent Solicitation, if any, will be deemed voided.

D.F. King & Co. is serving as the information agent for the Exchange Offer. You should direct questions and requests for assistance by sending an e-mail to [email protected], or calling (800) 669- 5550 (toll-free) or (212) 269-5550 (for banks and brokers).

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes or any security.

The Exchange Offer was made, and new notes were offered, only (a) in the United States to holders of Notes who are reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act")) in reliance upon the exemption from the registration requirements of the Securities Act, and (b) outside the United States to holders of Notes who are persons other than "U.S. persons" (as defined in Rule 902 under the Securities Act) in reliance upon Regulation S under the Securities Act and who are non-U.S. qualified offerees and eligible purchasers in other jurisdictions as set forth in the Confidential Offering Memorandum. Holders who have returned a duly completed eligibility letter certifying that they were within one of the categories described in the immediately preceding sentences were authorized to receive and review the Confidential Offering Memorandum and to participate in the Exchange Offer and the Consent Solicitation.

About Ahern

Ahern is the largest independently owned equipment rental company in the United States. With $906 million in fiscal year 2021 revenue, the company is ranked as the eighth largest U.S. equipment rental company by Rental Equipment Register. Founded in 1953 in Las Vegas, Nevada, Ahern has expanded through organic growth to develop a national platform with 112 branch locations in 31 states as of March 31, 2022. Ahern focuses on the aerial market segment of the $50 billion equipment rental industry with an extensive fleet of "high reach" equipment, which is supplemented by a fleet of ground engaging, general rental, and specialty equipment to provide customers with a "one-stop" solution for their equipment needs. Serving a large and diverse customer base comprised of commercial and residential construction companies, specialty contractors, industrial companies, utility companies, governmental entities, and homeowners, Ahern provides a comprehensive range of equipment and solutions, including renting and selling used/new equipment, parts, supplies, and related merchandise, as well as providing maintenance, repair, and other services that supplement rental and sales activities.

SOURCE Ahern Rentals, Inc.