United Rentals Announces Notice of Expiration of Conversion Rights to
Holders of Convertible Quarterly Income Preferred Securities
GREENWICH, Conn. -- March 8, 2013
United Rentals, Inc. (NYSE: URI) today announced that it has given notice of
its intention to cause the conversion rights of holders of its outstanding 6½%
Convertible Subordinated Debentures due August 1, 2028 (the “Debentures”) and
the corresponding rights of holders of its subsidiary’s outstanding 6½%
Convertible Quarterly Income Preferred Securities due August 1, 2028 (CUSIP
Nos. 91136H306 and 91136H207) (the “Preferred Securities”) to expire on April
8, 2013 (the “Conversion Expiration Date”).
Conversion rights will terminate at 5:00 p.m. on the Conversion Expiration
Date. The Preferred Securities are convertible at any time prior to 5:00 p.m.
on the Conversion Expiration Date 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.
The conversion price of the Preferred Securities, as of the close of business
on March7, 2013, is $41.0224 per share of Common Stock. The current market
price of the Common Stock, as of the close of business on March7, 2013, is
The Bank of New York Mellon, the trustee for the Preferred Securities, is
distributing a Notice of Expiration of Conversion Rights to all registered
holders of the Preferred Securities on the date hereof. Copies of such Notice
of Expiration of Conversion Rights and additional information relating to the
procedure for 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. Additional information about United
Rentals is available at unitedrentals.com.
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
Cell: (917) 847-4507
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