United Rentals Announces Redemption at Par of the Remaining 6 ½% Senior Notes
January 13 2010 - 5:50PM
Business Wire
United Rentals, Inc. (NYSE: URI) today announced that its
principal subsidiary, United Rentals (North America), Inc., will
redeem its remaining $435.2 million aggregate principal amount of
outstanding 6 ½% Senior Notes due 2012. The 6 ½% Senior Notes will
be redeemed on February 16, 2010 at par, plus accrued interest. The
redemption of the 6 ½% Senior Notes follows on the company’s recent
redemption of $270.6 million aggregate principal amount of its 14%
Senior Notes due 2014 and the upsizing of its asset-based revolving
credit facility in December 2009.
William Plummer, Chief Financial Officer, said, “The redemption
of the 6 ½% Senior Notes substantially improves our debt maturity
profile. The company’s next significant debt maturity comes due in
2013. This move highlights our company’s commitment to proactively
refine our capital structure to reduce financial risk and supports
our focus on long-term profitable growth.”
About United Rentals
United Rentals, Inc. is the largest equipment rental company in
the world, with an integrated network of 568 rental locations in 48
states, 10 Canadian provinces and Mexico. The company’s
approximately 8,000 employees serve construction and industrial
customers, utilities, municipalities, homeowners and others. The
company offers for rent approximately 3,000 classes of equipment
with a total original cost of $3.8 billion. United Rentals is a
member of the Standard & Poor’s MidCap 400 Index and the
Russell 2000 Index® and is headquartered in Greenwich, Conn.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements can be identified by
the use of forward-looking terminology such as “believe,” “expect,”
“may,” “will,” “should,” “seek,” “on-track,” “plan,” “project,”
“forecast,” “intend” or “anticipate,” or the negative thereof or
comparable terminology, or by discussions of strategy or outlook.
You are cautioned that our business and operations are subject to a
variety of risks and uncertainties, many of which are beyond our
control, and, consequently, our actual results may differ
materially from those projected. Factors that could cause actual
results to differ materially from those projected include, but are
not limited to, the following: (1) on-going decreases in North
American construction and industrial activities, which have
significantly affected revenues and, because many of our costs are
fixed, our profitability, and which may further reduce demand and
prices for our products and services; (2) our highly leveraged
capital structure, which requires us to use a substantial portion
of our cash flow for debt service and can constrain our flexibility
in responding to unanticipated or adverse business conditions; (3)
noncompliance with financial or other covenants in our debt
agreements, which could result in our lenders terminating our
credit facilities and requiring us to repay outstanding borrowings;
(4) inability to access the capital that our businesses or growth
plans may require; and (5) rates we can charge and time utilization
we can achieve being less than anticipated. For a more complete
description of these and other possible uncertainties, please refer
to our Annual Report on Form 10-K for the year ended December 31,
2008, 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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