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United Rentals calls 8 3/8% notes at 107.461, 5¾% notes at 104.206
By Susanna Moon
Chicago, March 13 – United Rentals (North America), Inc. said it called 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 notes will be redeemed on April 13 at a redemption price expected to be 104.206% of par for the 2018 notes and 107.461% of par for the 2020 notes, according to a company press release.
The company also will pay accrued interest to the redemption date.
As previously reported, United Rentals priced $1.8 billion of high-yield notes in a quick-to-market transaction on March 12.
The company said on March 12 that it planned to spend about $1.58 billion to redeem the notes at par plus a make-whole premium.
Proceeds for the redemption will come from the 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 said it also will use proceeds from the offering to reduce debt under its ABL facility and accounts receivable securitization facility.
United Rentals is a Greenwich, Conn.-based equipment rental company.
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