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United Rentals


424B3
UNITED RENTALS NORTH AMERICA INC filed this Form 424B3 on 11/06/2017
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Table of Contents

 

effectively junior to approximately $1.5 billion of the guarantors' secured obligations, comprised of:

 

the guarantors' guarantee obligations in respect of $305 million of URNA's outstanding borrowings under the ABL Facility,

 

$111 million of the outstanding borrowings of the subsidiary guarantors under the ABL Facility,

 

the guarantors' guarantee obligations in respect of $1.0 billion principal amount of 45/8% Senior Secured Notes due 2023,

 

the guarantors' guarantee obligations in respect of $55 million in URNA's capital leases,

 

$2 million of capital leases of Holdings; and

 

$7 million of capital leases of the subsidiary guarantors; and

 

effectively junior to:

 

$667 million of indebtedness of URNA's special purpose vehicle in connection with the accounts receivable securitization facility, and

 

$5 million of capital leases of URNA's subsidiaries that are not guarantors.

 

The non-guarantor subsidiaries of URNA accounted for $223 million, or 8%, and $158 million, or 7%, of our adjusted EBITDA for the year ended December 31, 2016 and the nine months ended September 30, 2017, respectively. The non-guarantor subsidiaries of URNA accounted for $510 million, or 9%, and $405 million, or 9%, of our total revenues for the year ended December 31, 2016 and the nine months ended September 30, 2017, respectively. The non-guarantor subsidiaries of URNA accounted for $2.2 billion, or 16%, of our total assets, and $829 million, or 7%, of our total liabilities at September 30, 2017.

Optional Redemption

 

URNA may, at its option, redeem some or all of the New Notes at any time on or after January 15, 2023 at the redemption prices listed under "Description of the New Notes—Optional Redemption," plus accrued and unpaid interest, if any, to the redemption date.

 

At any time prior to January 15, 2023, URNA may redeem some or all of the New Notes at a price equal to 100% of the aggregate principal amount of the New Notes to be redeemed, plus a "make-whole" premium and accrued and unpaid interest, if any, to the redemption date.

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