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United Rentals Announces Pricing of Offering of $750 Million of 3.750% Senior Notes due 2032

Nachrichtenquelle: Business Wire (engl.)
30.07.2021, 22:15  |  101   |   |   

United Rentals, Inc. (NYSE: URI) (“URI”) today announced that its subsidiary, United Rentals (North America), Inc. (“URNA”), has priced an offering of $750 million principal amount of 3.750% Senior Notes due 2032 (the “Notes”) in a registered public offering.

The Notes offered by URNA will rank:

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  • 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 $743 million after underwriting discounts and commissions and payments of estimated fees and expenses. URNA expects to use the net proceeds from its offering of the Notes, together with borrowings of approximately $286 million under URNA’s senior secured asset-based revolving credit facility (the “ABL Facility”), to redeem all $1.0 billion principal amount of its 5⅞% Senior Notes due 2026 on or after September 15, 2021 at a redemption price of 102.938%, plus interest accrued to, but excluding, the date of redemption, and to pay related expenses. Pending the payment of the redemption price for the 5⅞% Senior Notes due 2026, the net proceeds from the offering of the Notes will be applied to reduce borrowings under the ABL Facility. URNA expects to then borrow under the ABL Facility to fund the redemption.

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

This news release shall not constitute a notice of redemption under the optional redemption provisions of the indenture governing URNA’s 5⅞% Senior Notes due 2026. 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.

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United Rentals Announces Pricing of Offering of $750 Million of 3.750% Senior Notes due 2032 United Rentals, Inc. (NYSE: URI) (“URI”) today announced that its subsidiary, United Rentals (North America), Inc. (“URNA”), has priced an offering of $750 million principal amount of 3.750% Senior Notes due 2032 (the “Notes”) in a registered public …

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