United Rentals plans to redeem 4 5/8% notes with new issue proceeds

By Angela McDaniels

Tacoma, Wash., Oct. 21 – United Rentals (North America), Inc. plans to redeem all $1 billion principal amount of its 4 5/8% senior secured notes due 2023, according to a company news release.

The redemption price will be 102.313 plus accrued interest up to but excluding the redemption date.

The company plans to fund the redemption with the proceeds of its $750 million offering of senior secured notes due 2027 and about $282 million of borrowings under its senior secured asset-based revolving credit facility.

United Rentals (North America) is a subsidiary of United Rentals, Inc., a Stamford, Conn.-based equipment rental company.

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