United Rentals’ subsidiary, United Rentals North America (URNA), intends to redeem all of the outstanding $1.1 billion principal amount of its 6.5% senior notes due 2026 on Aug. 10, 2020. The notes will be redeemed at a redemption price currently estimated to be 111.101% of the principal amount of the notes, plus accrued and unpaid interest to, but excluding, the redemption date.

URNA instructed Wells Fargo Bank, as the trustee for the notes, to distribute a notice of redemption to all registered holders of the notes on July 31, 2020. URNA expects to use the net proceeds from its offering of 3.875% senior notes due 2031, which is expected to close Aug. 10, 2020, and additional borrowings of $135 million under its senior secured asset-based revolving credit facility to redeem the notes and to pay related expenses.

The redemption is subject to, and conditioned upon, (i) the completion by URNA of its offering of 3.875% senior notes due 2031 no later than the redemption date and (ii) sufficient funds being available to be drawn by URNA under its senior secured asset-based revolving credit facility at the time URNA is required to deposit the redemption price with the trustee to fund the payment of the redemption price and such funds being disbursed when requested by URNA. The redemption date may be delayed until such time as the conditions precedent shall be satisfied.

In the event that such conditions precedent have not been so satisfied by the redemption date, or by the redemption date as so delayed, URNA will notify the trustee, and upon any such notice to the trustee, the notice of redemption will be of no force or effect for any purpose.

United Rentals is an equipment rental company.