United Rentals (North America), Inc. (URNA) completed a public offering of senior notes on October 29, 2026, raising approximately $2.476 billion in net proceeds. The offering consisted of three tranches of unsecured debt sold pursuant to a shelf registration statement previously filed with the SEC.
The company issued $700 million in 5.550% Senior Notes due 2029, $800 million in 5.750% Senior Notes due 2031, and $1 billion in 6.200% Senior Notes due 2036. Interest on these notes is payable semi-annually in cash, with the first payments scheduled for April 15, 2027.
United Rentals utilized the net proceeds from the sale to repay $975 million in aggregate principal amount of term loans outstanding under its Credit and Guaranty Agreement. The remaining funds were allocated for general corporate purposes, including the reduction of borrowings under its revolving credit facility.
The notes are senior unsecured obligations of URNA, guaranteed on a senior unsecured basis by United Rentals, Inc. (URI). The indenture governing the notes includes standard covenants regarding liens, mergers, and asset sales, as well as customary events of default.
In related corporate actions, URNA entered into an amendment to its Fifth Amended and Restated Credit Agreement on October 23, 2026. This amendment established a $300 million threshold for domestic subsidiaries to become guarantors and increased the sub-limit for European swingline loans to $40 million. Additionally, following the receipt of investment grade ratings from S&P Global Ratings and Moody’s Investors Service on October 9 and October 23, 2026, respectively, URNA released the collateral securing its existing secured notes and the subsidiary guarantees for those notes on October 23, 2026. The release of subsidiary guarantees for the company’s revolving credit facility occurred on October 29, 2026, following the repayment of the term loans.
