United Rentals Announces Pricing of Offering of $700,000,000 of 5.550% Senior Notes due 2029; $800,000,000 of 5.750% Senior Notes due 2031; $1,000,000,000 of 6.200% Senior Notes due 2036
STAMFORD, Conn., October 26, 2026--United Rentals, Inc. (NYSE: URI) ("URI") today announced that its subsidiary, United Rentals (North America), Inc. ("URNA"), has priced an offering of $700,000,000 principal amount of 5.550% Senior Notes due 2029 (the "2029 Notes"), $800,000,000 principal amount of 5.750% Senior Notes due 2031 (the "2031 Notes") and $1,000,000,000 principal amount of 6.200% Senior Notes due 2036 (the "2036 Notes", and together with the 2029 Notes and the 2031 Notes, the "Notes") in a registered public offering. The offering represents URNA's inaugural investment-grade debt issuance.
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 to the extent of the value of the assets securing such indebtedness,
senior in right of payment to any of URNA's existing and future subordinated indebtedness, and
structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, of URNA's subsidiaries.
URNA's obligations under the Notes will be guaranteed on a senior unsecured basis by URI.
Aggregate net proceeds from the sale of the Notes are expected to be approximately $2.476 billion after underwriting discounts and commissions and payments of estimated fees and expenses. URNA expects to use the net proceeds from its offering of the Notes (i) to repay in full the indebtedness outstanding under URNA's senior secured term loan credit facility and (ii) for general corporate purposes, including to reduce borrowings under URNA's senior secured asset-based revolving credit facility and accounts receivable securitization facility.
J.P. Morgan Securities LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC are the joint book-running managers for the offering.
This news release is not intended to be a recommendation to buy, sell or hold securities and 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. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus. No assurance can be made that the offering of Notes will be consummated on its proposed terms or at all.