United Rentals to redeem some 14% notes with convertibles proceeds

By Susanna Moon

Chicago, Nov. 9 - United Rentals, Inc. said it plans to redeem a portion of its 14% senior notes due 2014 using proceeds of its $150 million offering of convertible senior unsecured notes due 2015.

The company's subsidiary United Rentals (North America), Inc. also plans to purchase or retire outstanding senior unsecured debt, and pay or prepay outstanding borrowings under its asset-backed loan facility from proceeds of a $400 million principal amount offering of senior unsecured notes due 2019.

United Rentals is a Greenwich, Conn.-based rental equipment company.

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