United Rentals last week announced the total consideration to be paid with respect to the tender offers and consent solicitations of United Rentals (North America), the company’s wholly owned subsidiary, for URNA’s outstanding 6½ percent senior notes due 2012, outstanding 7¾ percent senior subordinated notes due 2013, and outstanding 7 percent senior subordinated notes due 2014. The calculation of the total consideration is subject to the terms and conditions of the tender offers and consent solicitations, which are being conducted pursuant to URNA's Offer to Purchase and Consent Solicitation Statement and related Consent and Letter of Transmittal, each dated Oct. 16, 2007. The tender offers and consent solicitations are being made in connection with the anticipated merger of RAM Acquisition Corp., an entity indirectly controlled by affiliates of Cerberus Capital Management, L.P., with and into the company.
As of the consent date, URNA had received tenders of notes and deliveries of related consents from holders of approximately $998 million or 99.8 percent of the $1 billion aggregate principal amount of the 6½ percent notes outstanding, approximately $517 million or 98.4 percent of the $525 million aggregate principal amount of the 7¾ percent notes outstanding, and approximately $371 million or 99.0 percent of the $375 million aggregate principal amount of the 7 percent notes outstanding.
United Rentals anticipates that URNA will execute supplemental indentures effecting the proposed amendments to the indentures governing the notes shortly. These supplemental indentures will become operative only if URNA accepts the notes of the applicable series for payment pursuant to the terms of the applicable tender offer. When the amendments become operative, they will be binding on the holders of notes regardless of whether they have been tendered for purchase in the tender offers.
Greenwich, Conn.-based United Rentals is No. 1 on the RER 100.