United Rentals has launched syndication of a $1 billion senior secured term loan B credit facility, which will be guaranteed by United Rentals and certain subsidiaries of United Rentals North America; and secured by the same collateral as URNA’s existing senior secured asset-based revolving credit facility. United Rentals intends to apply the proceeds of Term Loan B to pay, in part, the purchase price of BlueLine Rental from Platinum Equity.
The Term Loan B is expected to mature in Oct. 2025. However the terms and conditions and closing of the Term Loan B will depend on market and other conditions.
Bank of America Merrill Lynch will act as agent for the syndicated lenders and as joint lead arranger with Wells Fargo Securities LLC and other potential arrangers.
United Rentals, based in Stamford, Conn., announced earlier this month that is has reached agreement to acquire Woodlands, Texas-based BlueLine Rental for $2.1 billion.
