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S&P gives BB+ to United Rentals notes
S&P said it has given its BB- issue-level rating and 5 recovery rating to United Rentals (North America) Inc.'s proposed $750 million senior unsecured notes due 2030.
The 5 recovery rating indicates an expectation for modest recovery (10%-30%; rounded estimate: 25%) in the event of a payment default, S&P said in a news release.
United Rentals plans to use the proceeds from the issue, along with borrowings under its asset-based lending facility, to redeem $850 million 5¾% senior unsecured notes due 2024.
The transaction is leverage neutral and is expected to close in the second quarter of 2019, S&P said.
URNA is a subsidiary of Stamford, Conn.-based United Rentals Inc., an equipment rental company. Both United Rentals (North America) and United Rentals are guarantors of the notes.
S&P said its other ratings of the companies remain unchanged.
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