United Rentals Extends Expiration Date for Current Tender Offers and Consent Solicitations

Dec. 14, 2007
Greenwich, Conn.-based United Rentals last week announced that the expiration time and date for the previously announced debt tender offers and consent solicitations being made by United Rentals (North America), the company’s wholly owned subsidiary, have been extended to midnight, New York City time, on Dec. 21.

Greenwich, Conn.-based United Rentals last week announced that the expiration time and date for the previously announced debt tender offers and consent solicitations being made by United Rentals (North America), the company’s wholly owned subsidiary, have been extended to midnight, New York City time, on Dec. 21. The offers, which are being conducted pursuant to URNA’s Offer to Purchase and Consent Solicitation Statement and related Consent and Letter of Transmittal, dated Oct. 16, relate to URNA’s outstanding:

· 6 1/2% senior notes due 2012;
· 7 3/4% senior subordinated notes due 2013; and
· 7% senior subordinated notes due 2014.

The extension of these tender offers demonstrates that the company continues to fulfill all of its obligations under the merger agreement with affiliates of Cerberus Capital Management, L.P. As the company previously announced, the company stands ready to complete the merger transaction on the agreed-upon terms.

Except for the extension of the expiration time and date, the offers and the statements remain in full force. URNA’s obligation to accept for purchase, and to pay for, notes and consents validly tendered and not withdrawn pursuant to the offers remains subject to the terms and conditions of the statements. These include the satisfaction or waiver of certain conditions, including, among others, the consummation of the contemplated merger of RAM Acquisition Corp., an entity indirectly controlled by affiliates of Cerberus, with and into the company pursuant to the terms of the merger agreement and URNA having sufficient available funds to pay the total consideration with respect to all notes. In light of Cerberus’ recent repudiation of its obligations under the merger agreement, there can be no assurances that the merger will occur or that the offers will be consummated. The company has recently initiated litigation in the Delaware Court of Chancery against RAM and its parent, RAM Holdings, seeking to compel the two RAM entities to complete the agreed-upon transaction.

URNA has retained Credit Suisse Securities LLC, Banc of America Securities LLC, Morgan Stanley & Co. and Lehman Brothers to serve as the dealer managers and solicitation agents for the offers.

United Rentals is No. 1 on the RER 100.