United Rentals Announces Extension of Expiration Date for Current Tender Offers and Consent Solicitations
December 10 2007 - 8:00AM
Business Wire
United Rentals, Inc. (NYSE: URI) (the �Company�) announced today
that the expiration time and date for the previously announced debt
tender offers and consent solicitations (the �Offers�) being made
by United Rentals (North America), Inc., the Company�s wholly owned
subsidiary (�URNA�), have been extended to 12:00 midnight, New York
City time, on December 21, 2007. The Offers, which are being
conducted pursuant to URNA�s Offer to Purchase and Consent
Solicitation Statement and related Consent and Letter of
Transmittal, dated October 16, 2007 (the �Statements�), relate to
URNA�s outstanding: 6�1/2% Senior Notes due 2012 (the �6�1/2%
Notes�); 7�3/4% Senior Subordinated Notes due 2013 (the �7�3/4%
Notes�); and 7% Senior Subordinated Notes due 2014 (the �7% Notes,�
and together with the 6�1/2% Notes and the 7�3/4% Notes, the
�Notes�). The extension of these tender offers demonstrates that
the Company continues to fulfill all of its obligations under the
merger agreement with affiliates of Cerberus Capital Management,
L.P. (�Cerberus�). As the Company previously announced, the Company
stands ready to complete the merger transaction on the agreed-upon
terms. As of 5:00 p.m., New York City time, on December 7, 2007,
URNA had received tenders of Notes and deliveries of related
consents from holders of approximately $999,138,850, or 99.91%, of
the $1,000,000,000 aggregate principal amount of the 6 1/2 % Notes
outstanding, approximately $517,994,000, or 98.67%, of the
$525,000,000 aggregate principal amount of the 7 3/4 % Notes
outstanding, and approximately $371,864,093, or 99.16%, of the
$375,000,000 aggregate principal amount of the 7% Notes
outstanding. The consent payment deadline relating to the Notes
expired on October 29, 2007 at 5:00 p.m., New York City time, and
has not been extended. Except for the extension of the expiration
time and date, the Offers and the Statements remain in full force.
URNA�s obligation to accept for purchase, and to pay for, Notes and
consents validly tendered and not withdrawn pursuant to the Offers
remains subject to the terms and conditions of the Statements.
These include the satisfaction or waiver of certain conditions,
including, among others, the consummation of the contemplated
merger (the �Merger�) of RAM Acquisition Corp. (�RAM�), an entity
indirectly controlled by affiliates of Cerberus, with and into the
Company pursuant to the terms of the merger agreement and URNA
having sufficient available funds to pay the total consideration
with respect to all Notes. In light of Cerberus� recent repudiation
of its obligations under the merger agreement, there can be no
assurances that the Merger will occur or that the Offers will be
consummated. The Company has recently initiated litigation in the
Delaware Court of Chancery against RAM and its parent, RAM
Holdings, Inc., seeking to compel the two RAM entities to complete
the agreed-upon transaction. URNA has retained Credit Suisse
Securities (USA) LLC, Banc of America Securities LLC, Morgan
Stanley & Co. Incorporated and Lehman Brothers Inc. to serve as
the Dealer Managers and Solicitation Agents for the Offers.
Requests for documents may be directed to D.F. King & Co.,
Inc., the Tender Agent and Information Agent, by telephone at (800)
488-8095 (toll-free) or (212) 269-5550 (collect). Questions
regarding the Offers may be directed to Credit Suisse Securities
(USA) LLC, at (212) 325-4951 (collect), Banc of America Securities
LLC, at (888) 292-0070 (toll-free) or (704) 388-9217 (collect),
Morgan Stanley & Co. Incorporated, at (800) 624-1808
(toll-free) or (212) 761-1864 (collect), or Lehman Brothers Inc. at
(800) 438-3242 (toll-free) or (212) 528-7581 (collect). This press
release is not an offer to purchase, a solicitation of an offer to
purchase or a solicitation of consents with respect to the Notes,
nor is this release an offer or a solicitation of an offer to sell
any securities. The Offers are being made solely by means of the
Statements. About United Rentals United Rentals, Inc. is the
largest equipment rental company in the world based on revenue,
with an integrated network of over 690 rental locations in 48
states, 10 Canadian provinces and one location in Mexico. The
Company�s approximately 11,500 employees serve construction and
industrial customers, utilities, municipalities, homeowners and
others. The Company offers for rent over 20,000 classes of rental
equipment with a total original cost of $4.3 billion. The Company
is a member of the Standard & Poor�s MidCap 400 Index and the
Russell 2000 Index� and is headquartered in Greenwich, Conn.
Additional information about the Company is available at
www.unitedrentals.com. Forward Looking Statements Certain
statements in this press release are forward-looking statements
within the meaning of the �safe harbor� provisions of the Private
Securities Litigation Reform Act of 1995. These statements can
generally be identified by words such as �believes,� �expects,�
�plans,� �intends,� �projects,� �forecasts,� �may,� �will,�
�should,� �on track� or �anticipates,� or the negative thereof or
comparable terminology, or by discussions of vision, strategy or
outlook. Our businesses and operations are subject to a variety of
risks and uncertainties, many of which are beyond our control, and,
consequently, actual results may differ materially from those
expected by any forward-looking statements. For a description of
factors that could cause actual results to differ from those
expected, please refer to our Annual Report on Form 10-K for the
year ended December 31, 2006, as well as to our subsequent filings
with the SEC. Our forward-looking statements contained herein speak
only as of the date hereof, and we make no commitment to update or
publicly release any revisions to forward-looking statements in
order to reflect new information or subsequent events,
circumstances or changes in expectations.
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