United Rentals Inc. is planning an offering of $150 million of 4 percent convertible senior unsecured notes due 2015 and its United Rentals North America subsidiary will sell $500 million of 9.25 percent senior unsecured notes due 2019. The convertible senior notes will be convertible under certain circumstances and during certain periods at an initial conversion rate of 89.98 shares of United Rentals common stock per $1,000 principal amount of convertible senior notes, representing an initial conversion price of about $11.11 per share of URI common stock.

United Rentals has granted the underwriters an option to purchase up to an additional $22.5 million principal amount of the convertible senior notes on the same terms and conditions to cover over-allotments.

Bank of America, Merrill Lynch, Wells Fargo Securities and Morgan Stanley are the joint book-running managers for both offerings.

URNA will use the proceeds to repay debt and for general corporate purposes.