United Rentals to draw $53 million from revolver for 6 1/8% notes call

By Susanna Moon

Chicago, July 28 – United Rentals, Inc. said subsidiary United Rentals (North America), Inc. plans to draw $53 million under its senior secured asset-based revolving credit facility to help fund its planned notes redemption.

United Rentals plans to redeem its $925 million principal amount of 6 1/8% senior notes due 2023 at a make-whole redemption price of 104.371% of par plus accrued interest to but excluding the redemption date.

The company plans to fund the redemption using proceeds of $925 million senior notes due 2028 in a public offering, according to a notice.

The issuer is a Stamford, Conn.-based equipment rental company.

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