United Rentals Announces Full Redemption of 8.25% Senior Notes Due 2021 and Partial Redemption of 7.375% Senior Notes Due 2020

STAMFORD, Conn.--(BUSINESS WIRE)-- United Rentals, Inc. (NYSE: URI) today announced that its subsidiary, United Rentals (North America), Inc. (“URNA”), has given notice of its intention to redeem all of the outstanding $300 million principal amount of its 8.25% Senior Notes due 2021 (CUSIP Number 78108AAE4) (the “2021 Notes”) and $550 million of the outstanding $750 million principal amount of its 7.375% Senior Notes due 2020 (CUSIP Number 911365BA1) (the “2020 Notes”, together with the 2021 Notes, the “Notes”) on May 30, 2016 (the “Redemption Date”). The 2020 Notes to be redeemed will be selected by the Depositary for redemption in accordance with the Depositary’s applicable procedures. The 2021 Notes will be redeemed at a redemption price equal to 104.125% of the principal amount of the 2021 Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date. The 2020 Notes will be redeemed at a redemption price equal to 103.688% of the principal amount of the 2020 Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date.

URNA has instructed Wells Fargo Bank, National Association, as the trustee for the 2021 Notes, to distribute a Notice of Redemption to all registered holders of the 2021 Notes on April 29, 2016. Copies of such Notice of Redemption and additional information relating to the procedure for redemption of the 2021 Notes may be obtained from Wells Fargo Bank, National Association by calling 1-800-344-5128.

URNA has instructed Wells Fargo Bank, National Association, as the trustee for the 2020 Notes, to distribute a Notice of Redemption to all registered holders of the 2020 Notes on April 29, 2016. Copies of such Notice of Redemption and additional information relating to the procedure for redemption of the 2020 Notes may be obtained from Wells Fargo Bank, National Association by calling 1-800-344-5128.

URNA expects to use the net proceeds from its offering of 5.875% Senior Notes due 2026, which is expected to close May 13, 2016, and additional borrowings of $144 million under its senior secured asset-based revolving credit facility to redeem the Notes and to pay related expenses.

The redemptions are subject to, and conditioned upon, (i) the completion by URNA of its offering of 5.875% Senior Notes due 2026 no later than the Redemption Date and (ii) sufficient funds being available to be drawn by URNA under its senior secured asset-based revolving credit facility at the time URNA is required to deposit the redemption prices with the trustees for the Notes to fund the redemptions, and such funds being disbursed when requested by URNA. The Redemption Date may be delayed until such time as the condition precedents shall be satisfied. In the event that such condition precedents have not been so satisfied by the Redemption Date, or by the Redemption Date as so delayed, the notices of redemption will be rescinded upon notice to the trustees and will be of no force or effect for any purpose.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About United Rentals

United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 901 rental locations in 49 states and 10 Canadian provinces. The company’s approximately 12,500 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 3,200 classes of equipment for rent with a total original cost of $8.56 billion. United Rentals, Inc. is a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index and the Russell 3000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals, Inc. is available at UnitedRentals.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These statements can generally be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “seek,” “on-track,” “plan,” “project,” “forecast,” “intend” or “anticipate,” or the negative thereof or comparable terminology, or by discussions of vision, strategy or outlook. These statements are based on current plans, estimates and projections, and, therefore, you should not place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Factors that could affect actual results include but are not limited to corporate developments that could preclude, impair or delay the above-described transactions due to restrictions under the federal securities laws and changes in general market, economic, tax, regulatory or industry conditions that impact our ability or willingness to consummate the above-described transactions on the terms described above or at all. For a more complete description of these and other possible risks and uncertainties, please refer to our Annual Report on Form 10-K for the year ended December 31, 2015, as well as to our subsequent filings with the SEC. The forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160429006115/en/

United Rentals, Inc.
Fred Bratman, 203-618-7318
Cell: 917-847-4507
[email protected]
or
Ted Grace, 203-618-7122
Cell: 203-399-8951
[email protected]

Source: United Rentals, Inc.

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