United Rentals calls up to $9 million convertible debentures due 2028

By Marisa Wong

Madison, Wis., Jan. 29 - United Rentals Inc. said it will redeem up to $9 million principal amount of its 6.5% convertible subordinated debentures due Aug. 1, 2028.

The notes will be redeemed on March 1.

According to a news release, United Rentals will use proceeds from the redemption of the debentures to redeem up to $9 million liquidation preference of its 6.5% convertible quarterly income preferred securities due Aug. 1, 2028 at par on March 1.

The preferred securities are convertible at any time before the close of business on Feb. 27 into a portion of the debentures, which will immediately be converted at a rate of 1.2188 shares of common stock for each $50 principal amount, equivalent to a conversion price of $41.0224 per share.

The Bank of New York Mellon is the trustee.

United Rentals is a Greenwich, Conn.-based equipment rental company.

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