H&E Equipment Services, Baton Rouge, La., last week announced that its board has declared a one-time special cash dividend of $7.00 per share, payable on Sept. 19 to stockholders of record at the close of business on Sept. 5.

The total amount of the payment to be made in connection with the dividend will be about $246 million. The dividend will be funded by the proceeds of the company's offering of $530 million in 7 percent senior notes due 2022, which closed on Aug. 20.

At $7 per share, the dividend represents about 39 percent of the company’s stock price. H&E has a market cap of $633 million.