STAMFORD, Conn.--(BUSINESS WIRE)--United Rentals, Inc. (NYSE:URI) today announced that its subsidiary, United Rentals (North America), Inc. (“URNA”), is offering $750 million principal amount of Senior Notes due 2027 (the “Notes”) in a registered public offering.

The Notes offered by URNA will rank:

• equally in right of payment with all of URNA’s existing and future senior indebtedness,

• effectively junior to any of URNA’s existing and future secured indebtedness, and

• senior in right of payment to any of URNA’s future subordinated indebtedness.

URNA’s obligations under the Notes will be guaranteed on a senior unsecured basis by United Rentals, Inc. and certain of URNA’s domestic subsidiaries.

Net proceeds from the sale of the Notes are expected to be approximately $739 million, after underwriting discounts and commissions and payments of estimated fees and expenses. URNA intends to use the net proceeds from its offering of the Notes and additional borrowings of $166 million under its senior secured asset-based revolving credit facility to redeem $850 million of the outstanding $1,325 million principal amount of its 7.625% Senior Notes due 2022 at a make whole redemption price that is currently estimated to be 106.418%, plus interest accrued to, but excluding, the date of redemption, and to pay the related expenses.

Morgan Stanley, BofA Merrill Lynch, Barclays, Citigroup, Deutsche Bank Securities, J.P. Morgan, MUFG, Scotiabank and Wells Fargo Securities are the joint book-running managers for the offering, with Morgan Stanley serving as lead book-running manager.

About United Rentals

United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 890 rental locations in 49 states and every Canadian province. The company’s approximately 12,500 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 3,200 classes of equipment for rent with a total original cost of $9.17 billion. United Rentals is a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index and the Russell 3000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.