STAMFORD, Conn.--(BUSINESS WIRE)--United Rentals, Inc. (NYSE: URI) today announced that its subsidiary, United Rentals (North America), Inc., has priced an offering of $1.1 billion principal amount of 3.875% Senior Notes due 2031 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 to the extent of the value of the assets securing such indebtedness, and
• senior in right of payment to any of URNA’s existing and future subordinated indebtedness.

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

Aggregate net proceeds from the sale of the Notes are expected to be approximately $1.087 billion 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, together with borrowings of approximately $135 million under URNA’s senior secured asset-based revolving credit facility to redeem all $1.1 billion principal amount of its 6½% Senior Notes due 2026 at a make whole redemption price that is currently estimated to be 111.101%, plus interest accrued to, but excluding, the date of redemption, and to pay related expenses.

BofA Securities, Morgan Stanley, Wells Fargo Securities, Citigroup, Scotiabank, MUFG, Barclays, Deutsche Bank Securities and J.P. Morgan are the joint book-running managers for the offering, with BofA Securities serving as the 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 1,169 rental locations in North America and 11 in Europe. In North America, the company operates in 49 states and every Canadian province. The company’s approximately 18,900 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 4,000 classes of equipment for rent with a total original cost of $14.13 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.