New Issue: United Rentals sells $750 million 10.5-year notes at par to yield 5½%

By Paul A. Harris

Portland, Ore., Oct. 24 – United Rentals (North America), Inc. priced a $750 million issue of 10.5-year senior notes (B1/BB-) at par to yield 5½% on Monday, according to a prospectus filed by the issuer.

The yield printed at the tight end of the 5½% to 5 5/8% yield talk.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Scotia Capital, MUFG, Barclays, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the joint bookrunners.

The Stamford, Conn., equipment rental company plans to use the proceeds to redeem its 7 5/8% senior notes due 2022.

Issuer:	United Rentals (North America), Inc.
Amount:	$750 million
Maturity:	May 15, 2027
Securities:	Senior notes
Bookrunners:	Morgan Stanley & Co. LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Scotia Capital, MUFG, Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
Co-managers:	SunTrust Robinson Humphrey Inc., BMO, PNC
Coupon:	5½%
Price:	Par
Yield:	5½%
Spread:	374 bps
Call protection:	5.5 years
Trade date:	Oct. 24
Settlement date:	Nov. 7
Ratings:	Moody's: B1
	S&P: BB-
Distribution:	SEC registered
Price talk:	5½% to 5 5/8%
Marketing:	Quick to market

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