Moody's gives United Rentals notes B2

Moody's Investors Service said it assigned B2 ratings to United Rentals (North America), Inc.'s planned new $850 million senior unsecured notes due 2024 and $525 million add-on 6 1/8% senior unsecured notes due 2023.

United Rentals announced plans to refinance its existing $500 million of 9¼% senior unsecured notes due 2019 and pay down $140 million of debt under its ABL revolver (unrated). The rating for the 9¼% notes will be withdrawn upon repayment.

All other ratings are unaffected.

The notes, in conjunction with cash and $15 million of restricted stock, are expected to fund United Rentals' proposed acquisition of National Pump & Compressor, Ltd. and related companies, refinance existing debt and pay related fees and expenses.

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