United Rentals Announces Full Redemption of 4.625% Senior Secured Notes due 2023
October 21 2019 - 4:51PM
Business Wire
United Rentals, Inc. (NYSE: URI) today announced that its
subsidiary, United Rentals (North America), Inc. (“URNA”), has
given notice of its intention to redeem all of the outstanding
$1,000 million principal amount of its 4.625% Senior Secured Notes
due 2023 (CUSIP Number 911365 BC7) (the “Notes”) on November 20,
2019 (the “Redemption Date”). The Notes will be redeemed at a
redemption price (the “Redemption Price”) of 102.313% of the
principal amount of the Notes, plus accrued and unpaid interest to,
but excluding, the Redemption Date.
URNA has instructed Wells Fargo Bank, National Association, as
the trustee for the Notes (the “Trustee”), to distribute a notice
of redemption to all registered holders of the Notes on October 21,
2019. Copies of such Notice of Redemption and additional
information relating to the procedure for redemption of the Notes
may be obtained from Wells Fargo Bank, National Association by
calling 1-800-344-5128.
URNA expects to use the net proceeds from its offering of 3.875%
Senior Secured Notes due 2027, which is expected to close November
4, 2019, and additional borrowings of $282 million under its senior
secured asset-based revolving credit facility to redeem the Notes
and to pay related expenses.
The redemption is subject to, and conditioned upon, (i) the
completion by URNA of an issuance of at least $750,000,000
aggregate principal amount of senior secured notes no later than
the Redemption Date on terms and conditions satisfactory in all
respects to URNA in its sole and absolute discretion and (ii)
sufficient funds being available to be drawn by URNA under its
senior secured asset-based revolving credit facility at the time
URNA is required to deposit the Redemption Price with the Trustee
to fund the payment of the Redemption Price and such funds being
disbursed when requested by URNA. The Redemption Date may be
delayed until such time as the conditions precedent shall be
satisfied. In the event that such conditions precedent have not
been so satisfied by the Redemption Date, or by the Redemption Date
as so delayed, URNA will notify the Trustee, and upon any such
notice to the Trustee, the notice of redemption will be of no force
or effect for any purpose.
This announcement 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.
About United Rentals
United Rentals, Inc. is the largest equipment rental company in
the world. The company has an integrated network of 1,172 rental
locations in North America and 11 in Europe. In North America, the
company operates in 49 states and every Canadian province. The
company’s approximately 18,900 employees serve construction and
industrial customers, utilities, municipalities, homeowners and
others. The company offers approximately 4,000 classes of equipment
for rent with a total original cost of $14.99 billion. United
Rentals is a member of the Standard & Poor’s 500 Index, the
Barron’s 400 Index and the Russell 3000 Index® and is headquartered
in Stamford, Conn. Additional information about United Rentals is
available at unitedrentals.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995, known as the PSLRA. Forward-looking statements involve
significant risks and uncertainties that may cause actual results
to differ materially from those set forth in the statements. These
statements are based on current plans, estimates and projections,
and, therefore, you should not place undue reliance on them. No
forward-looking statement can be guaranteed, and actual results may
differ materially from those projected. We undertake no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise.
Forward-looking statements are not historical facts, but rather are
based on current expectations, estimates, assumptions and
projections about the business and future financial results of the
equipment rental industries, and other legal, regulatory and
economic developments. We use words such as “anticipates,”
“believes,” “plans,” “expects,” “projects,” “future,” “intends,”
“may,” “will,” “should,” “could,” “estimates,” “predicts,”
“potential,” “continue,” “guidance,” and similar expressions to
identify these forward-looking statements that are intended to be
covered by the safe harbor provisions of the PSLRA. We give no
assurance that it will achieve its expectations and does not assume
any responsibility for the accuracy and completeness of the
forward- looking statements. You should carefully consider risks
and uncertainties that affect our businesses described in the “Risk
Factors” section of the Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and other documents filed from time to time
with the SEC. All forward-looking statements included in this
document are based upon information available to URI on the date
hereof; and URI assumes no obligations to update or revise any such
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20191021005837/en/
Ted Grace (203) 618-7122 Cell: (203) 399-8951 tgrace@ur.com
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