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4-Traders Homepage  >  Equities  >  Nyse  >  United Rentals       

UNITED RENTALS
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United Rentals : Announces Full Redemption of 6.125 Percent Senior Notes Due 2023

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07/29/2017 | 02:30pm CET

STAMFORD, Conn., July 28 -- United Rentals, an equipment rental company, issued the following news release:

United Rentals, Inc. (NYSE: URI) today announced that its subsidiary, United Rentals (North America), Inc. ("URNA"), has given notice of its intention to redeem all of the outstanding $925 million principal amount of its 6.125% Senior Notes due 2023 (CUSIP Number 911365AX2) (the "2023 Notes") on August 27, 2017 (the "Redemption Date"). The 2023 Notes will be redeemed at a redemption price currently estimated to be 104.371% of the principal amount of the 2023 Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date.

URNA has instructed Wells Fargo Bank, National Association, as the trustee for the 2023 Notes, to distribute a Notice of Redemption to all registered holders of the 2023 Notes on July 28, 2017. Copies of such Notice of Redemption and additional information relating to the procedure for redemption of the 2023 Notes may be obtained from Wells Fargo Bank, National Association by calling 1-800-344-5128.

URNA expects to use the net proceeds from its offering of 4.875% Senior Notes due 2028, which is expected to close August 11, 2017, and additional borrowings of $53 million under its senior secured asset-based revolving credit facility to redeem the 2023 Notes and to pay related expenses.

The redemption is subject to, and conditioned upon, (i) the completion by URNA of its offering of 4.875% Senior Notes due 2028 no later than the Redemption Date and (ii) sufficient funds being available to be drawn by URNA under its senior secured asset-based revolving credit facility at the time URNA is required to deposit the redemption price with the trustee for the 2023 Notes to fund the redemption, and such funds being disbursed when requested by URNA. The Redemption Date may be delayed until such time as the conditions precedent shall be satisfied. In the event that such conditions precedent have not been so satisfied by the Redemption Date, or by the Redemption Date as so delayed, the Notice of Redemption will be rescinded upon notice to the trustee and will be of no force or effect for any purpose.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Targeted News Service, source News Service

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Financials ($)
Sales 2018 7 579 M
EBIT 2018 2 047 M
Net income 2018 1 189 M
Debt 2018 8 155 M
Yield 2018 -
P/E ratio 2018 12,41
P/E ratio 2019 10,92
EV / Sales 2018 2,99x
EV / Sales 2019 2,66x
Capitalization 14 538 M
Chart UNITED RENTALS
Duration : Period :
United Rentals Technical Analysis Chart | 4-Traders
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 179 $
Spread / Average Target 4,3%
EPS Revisions
Managers
NameTitle
Michael J. Kneeland President, Chief Executive Officer & Director
Jenne K. Britell Non-Executive Chairman
Matthew John Flannery Chief Operating Officer & Executive Vice President
William B. Plummer Chief Financial Officer & Executive Vice President
Dale A. Asplund Chief Information Officer & SVP-Business Services
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