EquipmentShare.com (EQPT) said Tuesday it launched a private offering of $1.05 billion of senior secured second-lien notes due 2034.

The company said it intends to use the net proceeds from the offering to repay borrowings under its asset-based revolving credit facility, cover related fees and expenses, and support general corporate purposes.

EquipmentShare said the proposed offering remains subject to market conditions and other factors, and there can be no assurance regarding the timing, size, or final terms of the transaction.