United Rentals, Inc. (NYSE: URI) today announced that its subsidiary,
United Rentals (North America), Inc. (“URNA”), has priced an offering of
$500 million aggregate principal amount of 10.875% senior notes due
2016. The company had previously announced a proposed offering of $300
million and the offering size was increased to $500 million based on
market demand. Net proceeds from the sale of the notes, after
underwriting discounts and commissions, fees and expenses, will be
$471.2 million. The notes will be sold to qualified institutional buyers
in accordance with Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”), and outside the United States in
accordance with Regulation S under the Securities Act. The notes will be
unsecured obligations of URNA and will be guaranteed on a senior basis
by the parent company and, subject to limited exceptions, current and
future domestic subsidiaries of URNA. The company expects the offering
to close on June 9, 2009, subject to customary closing conditions.
The company plans to use the proceeds from the offering to purchase or
retire outstanding senior indebtedness, pay down outstanding borrowings
under URNA’s senior secured asset-backed revolving credit facility and
for other general corporate purposes.
This notice does not constitute an offer to sell or the solicitation of
an offer to buy securities. Any offers of the securities will be made
only by means of a private offering memorandum. The notes have not been
registered under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
United Rentals, Inc.
Fred Bratman, 203-618-7318 or 917-847-4507
(Cell)
fbratman@ur.com
