United Rentals Announces Partial Redemption of Convertible Quarterly Income
Preferred Securities and Convertible Subordinated Debentures
GREENWICH, Conn. -- January 29, 2013
United Rentals, Inc. (NYSE: URI) today announced that its subsidiary (the
“Trust”) has given notice of its intention to redeem up to $9,000,000
aggregate liquidation preference of its outstanding 6 ½% Convertible Quarterly
Income Preferred Securities due August 1, 2028 (CUSIP Nos. 91136H306 and
91136H207) (the “Preferred Securities”) on March 1, 2013. The Trust will
redeem the Preferred Securities with proceeds from the redemption by URI of up
to $9,000,000 principal amount of its outstanding 6½% Convertible Subordinated
Debentures due August 1, 2028 (the “Debentures”). URI has also given notice of
its intention to redeem up to $9,000,000 principal amount of the Debentures on
March 1, 2013. The Preferred Securities will be redeemed at a redemption price
equal to 100% of the principal amount of the Preferred Securities redeemed,
plus accrued and unpaid distributions to but excluding the redemption date.
The Preferred Securities to be redeemed are convertible at any time prior to
the close of business on February 27, 2013 into a portion of the Debentures,
which will immediately be converted at a conversion rate of 1.2188 shares of
common stock for each $50 in aggregate principal amount of Debentures (equal
to a conversion price of $41.0224 per share of Common Stock).
Because not all outstanding Preferred Securities are being redeemed, the
Preferred Securities to be redeemed will be selected by the trustee for the
Preferred Securities in accordance with the requirements of the indenture
governing the Preferred Securities.
The Bank of New York Mellon, the trustee for the Preferred Securities, is
distributing a Notice of Redemption to all registered holders of the Preferred
Securities on January 29, 2013. Copies of such Notice of Redemption and
additional information relating to the procedure for redemption and/or
conversion of the Preferred Securities may be obtained from The Bank of New
York Mellon Bondholder Relations by calling 1-800-254-2826.
This announcement does not constitute an offer to buy or sell or the
solicitation of an offer to sell or buy securities in any jurisdiction. The
Debentures and the Preferred Securities have not been registered under the
Securities Act, or the securities laws of any other jurisdiction, and may not
be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world,
with an integrated network of 836 rental locations in 49 states and 10
Canadian provinces. The company’s approximately 11,300 employees serve
construction and industrial customers, utilities, municipalities, homeowners
and others. The company offers for rent approximately 3,300 classes of
equipment with a total original cost of $7.23 billion. United Rentals is a
member of the Standard & Poor’s MidCap 400 Index and the Russell 2000 Index®
and is headquartered in Greenwich, Conn.
This press release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995, known as the PSLRA. These
statements can generally be identified by the use of forward-looking
terminology such as “believe,” “expect,” “may,” “will,” “should,” “seek,”
“on-track,” “plan,” “project,” “forecast,” “intend” or “anticipate,” or the
negative thereof or comparable terminology, or by discussions of vision,
strategy or outlook. These statements are based on current plans, estimates
and projections, and, therefore, you should not place undue reliance on them.
No forward-looking statement can be guaranteed, and actual results may differ
materially from those projected. Factors that could affect actual results
include but are not limited to corporate developments that could preclude,
impair or delay the above-described transactions due to restrictions under the
federal securities laws; changes in the terms or availability of our credit
facility; changes in our cash requirements or financial position; and changes
in general market, economic, tax, regulatory or industry conditions that
impact our ability or willingness to consummate the above-described
transactions on the terms described above or at all. For a more complete
description of these and other possible risks and uncertainties, please refer
to our Annual Report on Form 10-K for the year ended December 31, 2012, as
well as to our subsequent filings with the SEC. The forward-looking statements
contained herein speak only as of the date hereof, and we make no commitment
to update or publicly release any revisions to forward-looking statements in
order to reflect new information or subsequent events, circumstances or
changes in expectations.
United Rentals, Inc.
Fred Bratman, 203-618-7318
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