United Rentals Announces Proposed Offering of $750 Million of Senior Notes due 2030
26 Abril 2019 - 09:42AM
Business Wire
United Rentals, Inc. (NYSE:URI) (“URI”) today announced that its
subsidiary, United Rentals (North America), Inc. (“URNA”), is
offering $750 million principal amount of Senior Notes due 2030
(the “Notes”) in a registered public offering.
The Notes offered by URNA will rank:
- 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 $741 million after underwriting discounts and
commissions and payments of estimated fees and expenses. URNA
intends to use the net proceeds from its offering of the Notes,
together with borrowings of approximately $133 million under URNA’s
senior secured asset-based revolving credit facility (the “ABL
Facility”) to redeem all $850 million principal amount of its 5.75%
Senior Notes due 2024 at a redemption price of 102.875% plus
interest accrued to, but excluding, the date of redemption, and to
pay related expenses. Pending the payment of the redemption price
for the 5.75% Senior Notes due 2024, 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 Merrill Lynch, 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 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.
URI and URNA have filed a registration statement (including a
prospectus and a related preliminary prospectus supplement) with
the U.S. Securities and Exchange Commission (“SEC”) for the
offering to which this communication relates. Before you invest,
you should read the preliminary prospectus supplement and
prospectus in that registration statement and other documents URI
and URNA have filed with the SEC for more complete information
about them and these offerings. You may get these documents for
free by visiting EDGAR on the SEC’s website at http://www.sec.gov.
Alternatively, copies of the preliminary prospectus supplement and
accompanying prospectus for the offerings may be obtained by
contacting Morgan Stanley at 1585 Broadway, New York, New York
10036; Attention: High Yield Syndicate Desk.
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.
About United Rentals
United Rentals, Inc. is the largest equipment rental company in
the world. The company has an integrated network of 1,165 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 18,600 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 $14.1 billion as of March
31, 2019. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190426005279/en/
Ted Grace(203) 618-7122Cell: (203) 399-8951tgrace@ur.com
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