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United Rentals Announces $500 Million Debt Offering

United Rentals last week priced an offering of $500 million aggregate principal amount of 10.875 percent senior notes due 2016. The company plans to use the proceeds from the offering to purchase or retire outstanding senior indebtedness, pay down outstanding borrowings under its senior secured asset-backed revolving credit facility and other general corporate purposes.

United Rentals had previously announced a proposed offering of $300 million and the offering size was increased to $500 million based on market demand. Net proceeds from the sale of the notes, after underwriting discounts and commissions, fees and expenses, will be $471.2 million. The notes will be sold to qualified institutional buyers. The company expects the offering to close June 9, subject to customary closing conditions.

Based in Greenwich, Conn., United Rentals is No. 1 on the RER 100.

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