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United Rentals plans to issue make-whole call for 8 3/8%, 5¾% notes
By Susanna Moon
Chicago, March 12 – United Rentals (North America), Inc. plans to spend about $1.58 billion to redeem its $750 million principal amount of 8 3/8% senior subordinated notes due 2020 and $750 million principal amount of its 5¾% senior secured notes due 2018.
The company will redeem the notes at par plus a make-whole premium, according to a 424B2 filing with the Securities and Exchange Commission.
Proceeds for the redemption will come from an issue of $1 billion of senior secured notes due July 15, 2023 and $800 million senior notes due July 15, 2025.
Pending the payment of the redemption, the company also will use proceeds from the offering to reduce debt under its ABL facility and accounts receivable securitization facility.
The prospective issuer is a Greenwich, Conn.-based equipment rental company.
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