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United Rentals


S-4/A
UNITED RENTALS NORTH AMERICA INC filed this Form S-4/A on 11/02/2017
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Table of Contents


RISK FACTORS

        Investing in the New Notes involves risks. You should carefully consider the risks described below and the risk factors incorporated by reference herein, as well as the other information included or incorporated by reference in this prospectus, before you invest in the New Notes. Certain risks related to us and our business are contained in the section titled "Item 1A—Risk Factors" and elsewhere in our Annual Report, which is incorporated by reference in this prospectus. See "Where You Can Find More Information" for information about how to obtain a copy of these documents. The risks and uncertainties described below and incorporated by reference into this prospectus are not the only ones facing our company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any of these risks actually occurs, our business, financial condition and results of operations could be materially affected. In that case, the value of the New Notes could decline substantially.

Risks Relating to the Exchange Offer

An active trading market for the New Notes may not develop, which could make it difficult to resell the New Notes at their fair market value or at all.

        The New Notes are securities for which there currently is no public market. We do not intend to list the New Notes on any national securities exchange or automated quotation system. Accordingly, no market for the New Notes may develop, and any market that develops may not be sustained. To the extent that an active trading market does not develop or is not sustained, you may not be able to resell your New Notes at their fair market value or at all.

Late deliveries of Old Notes and other required documents could prevent a holder from exchanging its Old Notes.

        Holders are responsible for complying with all Exchange Offer procedures. The issuance of New Notes in exchange for Old Notes will only occur upon completion of the procedures described in this prospectus under "The Exchange Offer." Therefore, holders of Old Notes who wish to exchange them for New Notes should allow sufficient time for timely completion of the Exchange Offer procedures. Neither we nor the Exchange Agent are obligated to extend the Exchange Offer or notify you of any failure to follow the proper procedures or waive any defect if you fail to follow the proper procedures.

If you are a broker-dealer, your ability to transfer the New Notes may be restricted.

        A broker-dealer that purchased the Old Notes for its own account as part of market-making or trading activities must comply with the prospectus delivery requirements of the Securities Act when it sells the New Notes. Our obligation to make this prospectus available to broker-dealers is limited. Consequently, we cannot guarantee that a proper prospectus will be available to broker-dealers wishing to resell their New Notes.

The liquidity of any trading market that currently exists for the Old Notes may be adversely affected by the Exchange Offer, and holders of Old Notes who fail to participate in the Exchange Offer may find it more difficult to sell their Old Notes after the Exchange Offer is completed.

        To the extent that Old Notes are tendered and accepted for exchange pursuant to the Exchange Offer, the trading markets for the remaining Old Notes will become more limited or may cease to exist altogether. A debt security with a small outstanding aggregate principal amount or "float" may command a lower price than would a comparable debt security with a larger float. Therefore, the market price for the unexchanged Old Notes may be adversely affected. The reduced float may also make the trading prices of the remaining Old Notes more volatile.

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