Greenwich, Conn.-based United Rentals last week announced that it has amended its existing accounts receivable securitization facility to increase the facility size to $300 million from $200 million and reduce borrowing costs under the facility. In addition, the maturity date for the facility has been extended to October 2011 from May 2009. Borrowings under the amended facility will continue to be reflected as debt on the company’s consolidated balance sheets. On Sept. 30, the company had drawn $200 million under the facility.

The company also announced the redemption, effective Nov. 30, 2006, of an additional $12.7 million of its 6½-percent Convertible Quarterly Income Preferred Securities (QUIPS). The redemption price of 101.3 percent, together with accrued and unpaid dividends up to, but excluding, the Nov. 30, redemption date, will be made to registered holders of the QUIPS as of the record date of Nov. 15, 2006. The QUIPS, $159 million of which were outstanding as of Sept. 30, 2006, were issued in August 1998 by United Rentals Trust I. The company previously redeemed $63 million of the QUIPS last month.

“We are taking advantage of our strong free cash flow to reduce interest expense and strengthen our balance sheet,” said Martin Welch, United Rentals executive vice president and chief financial officer. “This most recent redemption of our QUIPS, along with the earlier $63 million redemption, the $400 million reduction in our term loan completed last month and the $44 million buy-out of equipment under operating leases in the second quarter represent effective uses of our cash. The QUIPS redemptions will reduce our diluted share count and be accretive in 2007.”

United Rentals is No. 1 on the RER 100.