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United Rentals to redeem 8.80% and 9½% notes with new-deal proceeds
New York, Oct. 28 - United Rentals Inc. (B1/BB-) said that it expects to redeem its $205 million principal amount of 8.80% senior subordinated notes due 2008 and its $200 million principal amount of 9½% senior subordinated notes due 2008 with proceeds from a sale of around $450 million of senior subordinated notes.
United Rentals, a Greenwich, Conn.-based diversified equipment rental company, did not give any details about the likely timing or price of the planned bond redemptions. It said that in addition to redeeming the two series of outstanding bonds, it would use any leftover proceeds from the new issue for general corporate purposes. It said that completion of the new-deal offering will be conditioned on the company obtaining an amendment to its senior credit facility allowing the planned redemption of the outstanding notes.
United Rentals also announced that it had priced a separate offering of $125 million aggregate principal amount of new 1 7/8% convertible senior subordinated notes due 2023 with an $18.75 million greenshoe. Net proceeds will be used to buy out existing equipment leases as well as for general corporate purposes.
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