United Rentals Announces Partial Redemption of Convertible Quarterly Income Preferred Securities and Convertible Subordinated Debentures

Tue Jan 29, 2013 4:30pm EST

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GREENWICH, Conn.--(Business Wire)--
United Rentals, Inc. (NYSE: URI) today announced that its subsidiary (the
"Trust") has given notice of its intention to redeem up to $9,000,000 aggregate
liquidation preference of its outstanding 6 ½% Convertible Quarterly Income
Preferred Securities due August 1, 2028 (CUSIP Nos. 91136H306 and 91136H207)
(the "Preferred Securities") on March 1, 2013. The Trust will redeem the
Preferred Securities with proceeds from the redemption by URI of up to
$9,000,000 principal amount of its outstanding 6½% Convertible Subordinated
Debentures due August 1, 2028 (the "Debentures"). URI has also given notice of
its intention to redeem up to $9,000,000 principal amount of the Debentures on
March 1, 2013. The Preferred Securities will be redeemed at a redemption price
equal to 100% of the principal amount of the Preferred Securities redeemed, plus
accrued and unpaid distributions to but excluding the redemption date. 

The Preferred Securities to be redeemed are convertible at any time prior to the
close of business on February 27, 2013 into a portion of the Debentures, which
will immediately be converted at a conversion rate of 1.2188 shares of common
stock for each $50 in aggregate principal amount of Debentures (equal to a
conversion price of $41.0224 per share of Common Stock). 

Because not all outstanding Preferred Securities are being redeemed, the
Preferred Securities to be redeemed will be selected by the trustee for the
Preferred Securities in accordance with the requirements of the indenture
governing the Preferred Securities. 

The Bank of New York Mellon, the trustee for the Preferred Securities, is
distributing a Notice of Redemption to all registered holders of the Preferred
Securities on January 29, 2013. Copies of such Notice of Redemption and
additional information relating to the procedure for redemption and/or
conversion of the Preferred Securities may be obtained from The Bank of New York
Mellon Bondholder Relations by calling 1-800-254-2826. 

This announcement does not constitute an offer to buy or sell or the
solicitation of an offer to sell or buy securities in any jurisdiction. The
Debentures and the Preferred Securities 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. 

About United Rentals

United Rentals, Inc. is the largest equipment rental company in the world, with
an integrated network of 836 rental locations in 49 states and 10 Canadian
provinces. The company`s approximately 11,300 employees serve construction and
industrial customers, utilities, municipalities, homeowners and others. The
company offers for rent approximately 3,300 classes of equipment with a total
original cost of $7.23 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
Section 21E of the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995, known as the PSLRA. These statements
can generally 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 vision, strategy or outlook. 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. Factors that could affect actual results include but are not limited
to corporate developments that could preclude, impair or delay the
above-described transactions due to restrictions under the federal securities
laws; changes in the terms or availability of our credit facility; changes in
our cash requirements or financial position; and changes in general market,
economic, tax, regulatory or industry conditions that impact our ability or
willingness to consummate the above-described transactions on the terms
described above or at all. For a more complete description of these and other
possible risks and uncertainties, please refer to our Annual Report on Form 10-K
for the year ended December 31, 2012, as well as to our subsequent filings with
the SEC. The 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.

United Rentals, Inc.
Fred Bratman, 203-618-7318
Cell: 917-847-4507
fbratman@ur.com

Copyright Business Wire 2013

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