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United Rentals


424B3
UNITED RENTALS NORTH AMERICA INC filed this Form 424B3 on 11/06/2017
Entire Document
 

Table of Contents

Guarantees

 

The New Notes will be guaranteed on a senior unsecured basis by Holdings and, subject to limited exceptions, URNA's current and future domestic subsidiaries. The guarantees will be senior unsecured obligations of the guarantors and will rank equally in right of payment with all of the existing and future senior unsecured indebtedness of the guarantors, effectively junior to any existing and future secured indebtedness of the guarantors to the extent of the value of the assets securing such indebtedness, and senior in right of payment to all existing and future subordinated indebtedness of the guarantors. The New Notes will not be guaranteed by URNA's foreign or unrestricted subsidiaries or any foreign subsidiary holding company or any subsidiary of a foreign subsidiary, unless URNA determines otherwise. During any period when the New Notes are rated investment grade by both Standard & Poor's Ratings Services ("S&P") and Moody's Investors Service, Inc. ("Moody's") or, in certain circumstances, another nationally recognized statistical rating agency selected by URNA, provided at such time no default under the indenture has occurred and is continuing, URNA may request to release the guarantee of any subsidiary guarantor.

 

As of September 30, 2017, on an as adjusted basis, after giving effect to the issuance of the New Notes and the related guarantees, the guarantees would have ranked:

 

equally in right of payment with approximately $5.6 billion of the guarantors' other senior unsecured obligations, comprised of the guarantors' guarantee obligations in respect of:

 

$225 million principal amount of 75/8% Senior Notes due 2022,

 

$850 million principal amount of 53/4% Senior Notes due 2024,

 

$750 million principal amount of 45/8% Senior Notes due 2025,

 

$800 million principal amount of 51/2% Senior Notes due 2025,

 

$1.0 billion principal amount of 57/8% Senior Notes due 2026,

 

$1.0 billion principal amount of 51/2% Senior Notes due 2027; and

 

$925 million principal amount of the August 2017 Notes;

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