United Rentals last week announced that its principal subsidiary, United Rentals (North America), will redeem its remaining $435.2 million aggregate principal amount of outstanding 6 ½-percent senior notes due 2012. The notes will be redeemed on Feb. 16, at par, plus accrued interest. The redemption of the 6 ½-percent senior notes follows on the company’s recent redemption of $270.6 million aggregate principal amount of its 14-percent senior notes due 2014 and the upsizing of its asset-based revolving credit facility in December 2009.
“The redemption of the 6 ½-percent senior notes substantially improves our debt maturity profile,” said William Plummer, chief financial officer. “The company’s next significant debt maturity comes due in 2013. This move highlights our company’s commitment to proactively refine our capital structure to reduce financial risk and supports our focus on long-term profitable growth.”
Greenwich, Conn.-based United Rentals is No. 1 on the RER 100.