United Rentals Announces Redemption of Convertible Senior Subordinated Notes
United Rentals (NYSE: URI) today announced that its subsidiary, United Rentals (North America), Inc., has given notice of its intention to redeem all of the outstanding 1 ⅞% Convertible Senior Subordinated Notes due 2023 (CUSIP Number 911365AH7) (the “Convertible Notes”) on December 13, 2012. As of September 30, 2012, there was approximately $5 million aggregate principal amount of the Convertible Notes outstanding. The Convertible Notes will be redeemed at a redemption price of 100% of the principal amount of the Convertible Notes redeemed, plus accrued and unpaid interest to the redemption date.
The Convertible Notes are convertible at any time prior to the close of business on December 12, 2012 at a rate of 45.8160 shares of common stock per $1,000 principal amount. The Convertible Notes surrendered for conversion will be settled in cash and stock in accordance with the provisions of the indenture.
The Bank of New York Mellon, the trustee for the Convertible Notes, is distributing a Notice of Redemption to all registered holders of the Convertible Notes on November 13, 2012. Copies of such Notice of Redemption and additional information relating to the procedure for redemption and/or conversion of the Convertible Notes may be obtained from The Bank of New York Mellon Bondholder Relations by calling 1-800-254-2826.
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