United Rentals to redeem $925 million 6 1/8% notes due 2023 on Aug. 27

By Wendy Van Sickle

Columbus, Ohio, July 28 – United Rentals, Inc. said subsidiary United Rentals (North America), Inc. set Aug. 27 as the redemption date for its $925 million principal amount of 6 1/8% senior notes due 2023, according to a press release.

The notes will be redeemed at a make-whole redemption price of 104.371% of par plus accrued interest to but excluding the redemption date.

United Rentals plans to fund the redemption with proceeds of its $925 million sale of 4 7/8% senior notes due 2028, which is expected to settle on Aug. 11.

The company said it also plans to draw $53 million under its senior secured asset-based revolving credit facility to fund the redemption.

Wells Fargo Bank, NA is the note trustee.

The issuer is a Stamford, Conn.-based equipment rental company.

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