STAMFORD, Conn.--(BUSINESS WIRE)--UnitedRentals, Inc. (NYSE:URI) today announced that its subsidiary, United Rentals (North America), Inc. has priced an offering of $750 million principal amount of 4.625% Senior Notes due 2025 and an offering of $750 million principal amount of 4.875% Senior Notes due 2028. The 2028 Notes will be issued at an issue price of 100.25% of their aggregate principal amount plus accrued interest from August 11, 2017, for a yield of 4.844%. The 2028 notes will have terms that are substantially identical to those of URNA’s 4.875% Senior Notes due 2028 issued on August 11, 2017 (the “Existing 2028 Notes”), other than the issue date, the issue price and the mandatory redemption provisions applicable to the 2028 Notes described below relating to URI’s planned acquisition of Neff Corporation (the “Neff Acquisition”), but will be issued under a separate indenture.

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, 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 United Rentals, Inc. and certain of URNA’s domestic subsidiaries.

Aggregate net proceeds from the sale of the Notes are expected to be approximately $1.48 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 to finance a portion of the $1.3 billion purchase price for the Neff Acquisition, and to pay related fees and expenses. Pending the closing of the Neff Acquisition, the net proceeds from the offering of the Notes will be used to repay borrowings under URNA’s senior secured asset-based revolving credit facility (the “ABL Facility”). URNA expects to then borrow under the ABL Facility to fund the purchase price of the Neff Acquisition.

About United Rentals

United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 960 rental locations in 49 states and every Canadian province. The company’s approximately 13,700 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 3,300 classes of equipment for rent with a total original cost of $10.3 billion. United Rentals, Inc. 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, Inc. is available at UnitedRentals.com.