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United Rentals announces offering of $850 mln of senior notes due 2024 and $525 mln of 6.125 pct senior notes due 2023


Wednesday, 12 Mar 2014 10:03am EDT 

United Rentals Inc:Says that its subsidiary, United Rentals (North America) Inc. (URNA), is offering $850 mln principal amount of senior notes due 2024 and $525 mln principal amount of its 6.125 pct senior notes due 2023 in registered public offerings.2023 notes will be part of the same series as the $400 mln principal amount of 6.125 pct Senior Notes issued by URNA in October 2012.Intends to use a portion of the net proceeds from its offering of the 2024 notes to finance in part the cash portion of the purchase 1375price for the acquisition of National Pump, a specialty pump and industrial equipment rental businesses, and to pay related costs and expenses.Remaining net proceeds will be applied to the repayment of about $138 mln of borrowings under its asset-based revolving credit facility.Intends to use the net proceeds from its offering of the 2023 notes and cash on hand to redeem $500 mln principal amount of its 9ΒΌ pct Senior Notes due 2019, to pay a call premium thereon and to pay related expenses.Morgan Stanley, BofA Merrill Lynch, Wells Fargo Securities, Citigroup, Barclays, Credit Suisse and Deutsche Bank Securities are the joint book-running managers for the offerings, with Morgan Stanley as lead book-running manager. 

Company Quote

117.57
-0.76 -0.64%
2:53pm EDT