United Rentals Announces Full Redemption of 6.125% Senior Notes due 2023

United Rentals, Inc. URI today announced that its subsidiary, United Rentals (North America), Inc. ("URNA"), has given notice of its intention to redeem all of the outstanding $925 million principal amount of its 6.125% Senior Notes due 2023 (CUSIP Number 911365AX2) (the "2023 Notes") on August 27, 2017 (the "Redemption Date"). The 2023 Notes will be redeemed at a redemption price currently estimated to be 104.371% of the principal amount of the 2023 Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date.

URNA has instructed Wells Fargo Bank, National Association, as the trustee for the 2023 Notes, to distribute a Notice of Redemption to all registered holders of the 2023 Notes on July 28, 2017. Copies of such Notice of Redemption and additional information relating to the procedure for redemption of the 2023 Notes may be obtained from Wells Fargo Bank, National Association by calling 1-800-344-5128.

URNA expects to use the net proceeds from its offering of 4.875% Senior Notes due 2028, which is expected to close August 11, 2017, and additional borrowings of $53 million under its senior secured asset-based revolving credit facility to redeem the 2023 Notes and to pay related expenses.

The redemption is subject to, and conditioned upon, (i) the completion by URNA of its offering of 4.875% Senior Notes due 2028 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 for the 2023 Notes to fund the redemption, 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not been so satisfied by the Redemption Date, or by the Redemption Date as so delayed, the Notice of Redemption will be rescinded upon notice to the trustee and will be of no force or effect for any purpose.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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.

Forward-Looking Statements

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 the possibility that potential debt investors will not be receptive to the offering on the terms described above or at all; 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 credit rating; changes in our cash requirements or financial position; 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; and our continued access to credit markets on favorable terms. 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, 2016, 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.

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