United Rentals subsidiary prices $2.5B debt deal
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- United Rentals (URI) said its subsidiary, United Rentals (North America), has priced a $2.5B senior unsecured notes offering, marking its first investment-grade debt issuance.
- The offering comprises $700M of 5.550% senior notes due 2029, $800M of 5.750% notes due 2031, and $1B of 6.200% notes due 2036. The notes will be guaranteed by United Rentals on a senior unsecured basis.
- Net proceeds are expected to total approximately $2.476B after underwriting discounts, commissions, and estimated expenses.
- The company plans to use the funds to fully repay debt under its senior secured term loan credit facility, reduce borrowings under its asset-based revolving credit facility and accounts receivable securitization facility, and for general corporate purposes.
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