United Rentals Announces Full Redemption of 5.750% Senior Notes Due 2024

United Rentals, Inc. (NYSE:URI) today announced that its subsidiary, United Rentals (North America), Inc. (“URNA”), has given notice of its intention to redeem all of the outstanding $850 million principal amount of its 5.750% Senior Notes due 2024 (CUSIP Number 911365 BB9) (the “Notes”) on May 26, 2019 (the “Redemption Date”). The Notes will be redeemed at a redemption price (the “Redemption Price”) of 102.875% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date.

URNA has instructed Wells Fargo Bank, National Association, as the trustee for the Notes (the “Trustee”), to distribute a notice of redemption to all registered holders of the Notes on April 26, 2019. Copies of such Notice of Redemption and additional information relating to the procedure for redemption of the Notes may be obtained from Wells Fargo Bank, National Association by calling 1-800-344-5128.

URNA expects to use the net proceeds from its offering of 5.25% Senior Notes due 2030, which is expected to close May 10, 2019, and additional borrowings of $133 million under its senior secured asset-based revolving credit facility to redeem the Notes and to pay related expenses.

The redemption is subject to, and conditioned upon, (i) the completion by URNA of an issuance of at least $750,000,000 aggregate principal amount of senior notes no later than the Redemption Date on terms and conditions satisfactory in all respects to URNA in its sole and absolute discretion and (ii) sufficient funds being available to be drawn by URNA under its senior secured asset-based revolving credit facility at the time URNA is required to deposit the Redemption Price with the Trustee to fund the payment of the Redemption Price and such funds being disbursed when requested by URNA. The Redemption Date may be delayed until such time as the conditions precedent shall be satisfied. In the event that such conditions precedent have not been so satisfied by the Redemption Date, or by the Redemption Date as so delayed, URNA will notify the Trustee, and upon any such notice to the Trustee, the notice of redemption will be of no force or effect for any purpose.