STAMFORD, CT – United Rentals (NYSE: NYSE:), the world’s largest equipment rental company, announced a private offering of $1.1 billion of senior notes due 2034 through its subsidiary United Rentals (North America), Inc. (URNA). The purpose of the placement is to finance the acquisition of Yak Access LLC and cover related fees and expenses.
The senior notes will be guaranteed by United Rentals, Inc. and certain local subsidiaries of URNA. Estimated net proceeds from this offering will be approximately $1.090 billion after initial buyer discounts, commissions and estimated fees and expenses. URNA plans to use these funds in combination with borrowings under its senior secured asset-based revolving credit facility.
The offering will be directed to qualified institutional buyers in the United States and certain international investors in accordance with Rule 144A and Regulation S under the Securities Act of 1933, as amended.
These senior notes have not been registered under the Securities Act or any state securities laws and therefore may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
United Rentals has clarified that this announcement does not constitute a recommendation to buy, sell or hold securities and does not constitute an offer to sell or the solicitation of an offer to buy. The completion of the offering of the Notes is not guaranteed and is subject to market conditions and other factors.
The Company’s forward-looking statements regarding the acquisition and offering are based on current expectations and projections. However, they are subject to significant risks and uncertainties, and there can be no assurance that these plans will be completed as expected. United Rentals undertakes no obligation to update any forward-looking statements.
United Rentals operates an extensive network of rental locations in North America, Europe, Australia and New Zealand, offering a wide range of equipment to suit a variety of customer needs. The information in this article is based on a press statement.
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