United Rentals (North America) sums up purchases of five notes series

By Jennifer Chiou

New York, Feb. 3 - United Rentals (North America), Inc. repurchased and retired a total of $37 million of its 7¾% senior subordinated notes at a cost of $31 million, $8 million of its 7% senior subordinated notes at a cost of $6 million, $545 million of its 6½% senior notes due 2012 for $533 million, $29 million of its 1 7/8% convertible senior subordinated notes for $26 million and $300 million of its 14% senior notes for $299 million in 2009, according to a 10-K filing with the Securities and Exchange Commission.

The company, United Rentals, Inc.'s principal subsidiary, said that it used cash on hand as well as proceeds from issues of $500 million of 10 7/8% senior notes due June 15, 2016, $500 million of 9¼% senior notes due Dec. 15, 2019 and $173 million of 4% convertible senior notes due Nov. 15, 2015 for the repurchases. The notes were issued in June 2009 and November.

The $919 million of total debt repurchase activity during the past year came at a cost of $895 million total.

As already reported, the company called its remaining $435.2 million of 6½% notes in January. It will redeem the notes at par plus accrued interest on Feb. 16.

The issuer is a Greenwich, Conn., equipment rental company.

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