United Rentals eyes $400 million senior note sale for Thursday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 25 - United Rentals (North America) Inc. is planning to go to market on Thursday with a $400 million sale of senior notes due June 15, 2023 (existing ratings B3/B+), a market source said.

Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are joint bookrunners.

Scotia Capital (USA) Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA) Inc. and PNC Capital Markets LLC are co-managers for the Securities and Exchange Commission-registered deal.

The notes will be non-callable until Dec. 15, 2017 and carry a 101% poison put.

Proceeds, together with additional borrowings under the company's ABL facility, will be used to redeem United Rental's 10 7/8% senior notes due 2016.

The equipment rental company is based in Greenwich, Conn.

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