Debt Refinancing

Ashtead Group PLC
11 October 2004


                              ASHTEAD GROUP PLC

                    US$ 675 MILLION SENIOR DEBT REFINANCING


Ashtead Group plc, the international equipment rental group serving the
construction, industrial and homeowner markets, announces that it has agreed a
new US$675 million (£380 million) first priority asset-based senior debt
facility committed until November 2009.

The new facility has been jointly arranged by Banc of America Securities LLC and
Deutsche Bank Securities Inc and fully underwritten equally by Bank of America
NA, Deutsche Bank Trust Company Americas and General Electric Capital
Corporation. On closing the proceeds of the new facility will be used to repay
the amounts outstanding under the Company's existing senior debt facility and
its accounts receivable securitisation with the balance of the facility
available to fund future requirements. At 30 September 2004, approximately £270
million was outstanding under the facilities being replaced.

George Burnett, chief executive commented 'this financing will extend our senior
debt maturity until late 2009 at lower cost and provide the Group with new debt
facilities which will enable it to take further advantage of the improving
economic conditions in its key markets'.

Contacts:
Cob Stenham      Non-executive chairman                     020 7299 5562
George Burnett   Chief executive                       )
Ian Robson       Finance director                      )    01372 362300

Michelle Jeffery The Maitland Consultancy                   020 7379 5151
                                                                          




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