United Rentals Announces Proposed Offering of $1.1 Billion of Senior Notes Due 2031

United Rentals, Inc. (NYSE: URI) (“URI”) today announced that its subsidiary, United Rentals (North America), Inc. (“URNA”), is offering $1.1 billion principal amount of Senior Notes due 2031 (the “Notes”) in a registered public offering.

The Notes offered by URNA will rank:

• equally in right of payment with all of URNA’s existing and future senior indebtedness,
• effectively junior to any of URNA’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness, and
• senior in right of payment to any of URNA’s existing and future subordinated indebtedness.

URNA’s obligations under the Notes will be guaranteed on a senior unsecured basis by URI and certain of URNA’s domestic subsidiaries.

Aggregate net proceeds from the sale of the Notes are expected to be approximately $1,087 million after underwriting discounts and commissions and payments of estimated fees and expenses. URNA intends to use the net proceeds from its offering of the Notes, together with borrowings of approximately $135 million under URNA’s senior secured asset-based revolving credit facility (the “ABL Facility”) to redeem all $1.1 billion principal amount of its 6½% Senior Notes due 2026 at a make whole redemption price that is currently estimated to be 111.101%, plus interest accrued to, but excluding, the date of redemption, and to pay related expenses.

BofA Securities, Morgan Stanley, Wells Fargo Securities, Citigroup, Scotiabank, MUFG, Barclays, Deutsche Bank Securities and J.P. Morgan are the joint book-running managers for the offering, with BofA Securities serving as the lead book-running manager.

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus.