Upcoming AWS Coverage on Avis Budget Group Post-Earnings Results

LONDON, UK / ACCESSWIRE / February 23, 2017 / Active Wall St. blog coverage looks at the headline from Stamford Connecticut based United Rentals, Inc. (NYSE: URI) as the equipment rental Company announced on February 22, 2017, that its subsidiary United Rentals (North America), Inc. ("URNA"), is offering $250 million of 5.875% Senior Notes due 2026 (the "Additional 2026 Notes") and $250 million of 5.500% Senior Notes due 2027 (the "Additional 2027 Notes") through a registered public offering. Register with us now for your free membership and blog access at:

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One of United Rentals' competitors within the Rental & Leasing Services space, Avis Budget Group, Inc. (NASDAQ: CAR), reported on February 15, 2017, results for its Q4 and year ended December 31, 2016. AWS will be initiating a research report on Avis Budget in the coming days.

Today, AWS is promoting its blog coverage on URI; touching on CAR. Get all of our free blog coverage and more by clicking on the links below:

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United Rental was founded in 1997 and is one of the largest equipment rental companies in the world. Its network covers over 880 rental locations in 49 states and 10 Canadian provinces and has a workforce of over 12,500 people. The Company offers over 3200 classes of equipment for rent which carry a purchase price tag of approximately $8.99 billion.

The Additional Notes

The Additional 2026 Notes will be a part of the series of previously issued $750 million 5.875% Senior Notes due 2026 which was issued by URNA in May 2016. The Additional 2027 Notes will be a part of the series of previously issued $750 million 5.500% Senior Notes due 2027 which was issued by URNA in November 2016. These Additional Notes will have equal right of payment compared to URNA's current and future senior debts. These Additional Notes will be junior to URNA's secured current and future debts while they will be senior in right of payment when compared to URNA's future subordinated debts.

United Rentals and some of URNA's domestic subsidiaries will act as guarantors for URNA's Additional Notes on a senior unsecured basis.

Proposed plan for use of funds generated from these Additional Notes

These Additional Notes will raise approximately $492 million after deduction of underwriting discounts and commissions as well as payments of estimated fees and expenses. URNA has raised an additional $523 million via a senior secured asset-based revolving credit facility. URNA plans to use the funds from the Additional Notes as well as the asset based revolving facility to finance part of its acquisition of NES Rentals Holdings II, Inc., as well as associated fees and payments.

United Rental had announced the acquisition of NES Rentals Holdings II, Inc. on January 25, 2017. The all-cash deal valued approximately $965 million is expected to close in Q22017 subject to closing conditions. The acquisition of NES is important to United Rentals as NES is one of the ten largest general equipment rental companies in US that specialize in rental of aerial equipment.

URNA plans to use the funds to repay the asset based revolving facility till such time the NES deal is not completed and utilize the funds from the revolving facility once the deal is final. In the unfortunate circumstance that the NES deal is not completed the entire funds from the Additional Noted will be utilized to pay off the asset based revolving credit. The Company can re-borrow funds from this credit facility to be utilized for other corporate requirements.

Wells Fargo Securities is the lead book running manager for the public offering of the Additional Notes and BofA Merrill Lynch, Morgan Stanley, Barclays, Citigroup, Deutsche Bank Securities, J.P. Morgan, MUFG, and Scotiabank are the joint book-running managers.

Stock Performance

On Wednesday, February 22, 2017, the stock closed the trading session at $128.06, slightly down 0.67% from its previous closing price of $128.93. A total volume of 1.13 million shares have exchanged hands. United Rentals' stock price rallied 16.30% in the last month, 40.80% in the past three months, and 59.82% in the previous six months. Furthermore, on a year to date basis, the stock surged 21.29%. Shares of the company have a PE ratio of 19.75 have and a market capital of $10.95 billion.

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SOURCE: Active Wall Street