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United Rentals to borrow on ABL facility to help fund note redemption
New York, April 29 – United Rentals, Inc. plans to draw $144 million from its asset-based revolving credit facility to help fund the redemption of its $550 million of 7 3/8% senior notes due 2020 and its $300 million of 8¼% senior notes due 2021.
Additional funding for the refinancing will come from a $750 million offering of new senior notes due 2026.
The redemption notices for the existing notes will be delivered before the closing of the sale of the new notes, according to a 424B2 filing with the Securities and Exchange Commission.
United Rentals will pay 103.688% of par for the 7 3/8% notes and 104.125% of par for the 8¼% notes.
As of March 31, the company had $1.24 billion outstanding on the ABL facility.
Borrowings are currently at a rate of 2.3% and the facility matures on March 31, 2020.
The company is a Stamford, Conn. equipment rental company.
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