United Rentals Announces Notice of Expiration of Conversion Rights to Holders of Convertible Quarterly Income Preferred Securities
GREENWICH, Conn.--(BUSINESS WIRE)-- United Rentals, Inc. (NYS: URI) today announced that it has given notice of its intention to cause the conversion rights of holders of its outstanding 6½% Convertible Subordinated Debentures due August 1, 2028 (the "Debentures") and the corresponding rights of holders of its subsidiary's outstanding 6½% Convertible Quarterly Income Preferred Securities due August 1, 2028 (CUSIP Nos. 91136H306 and 91136H207) (the "Preferred Securities") to expire on April 8, 2013 (the "Conversion Expiration Date").
Conversion rights will terminate at 5:00 p.m. on the Conversion Expiration Date. The Preferred Securities are convertible at any time prior to 5:00 p.m. on the Conversion Expiration Date into a portion of the Debentures, which will immediately be converted at a conversion rate of 1.2188 shares of Common Stock for each $50 in aggregate principal amount of Debentures.
The conversion price of the Preferred Securities, as of the close of business on March 7, 2013, is $41.0224 per share of Common Stock. The current market price of the Common Stock, as of the close of business on March 7, 2013, is $53.78.
The Bank of New York Mellon, the trustee for the Preferred Securities, is distributing a Notice of Expiration of Conversion Rights to all registered holders of the Preferred Securities on the date hereof. Copies of such Notice of Expiration of Conversion Rights and additional information relating to the procedure for conversion of the Preferred Securities may be obtained from The Bank of New York Mellon Bondholder Relations by calling 1-800-254-2826.
This announcement does not constitute an offer to buy or sell or the solicitation of an offer to sell or buy securities in any jurisdiction. The Debentures and the Preferred Securities have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world, with an integrated network of 836 rental locations in 49 states and 10 Canadian provinces. The company's approximately 11,300 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers for rent approximately 3,300 classes of equipment with a total original cost of $7.23 billion. United Rentals is a member of the Standard & Poor's MidCap 400 Index and the Russell 2000 Index® and is headquartered in Greenwich, Conn. Additional information about United Rentals is available at unitedrentals.com.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These statements can generally be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "seek," "on-track," "plan," "project," "forecast," "intend" or "anticipate," or the negative thereof or comparable terminology, or by discussions of vision, strategy or outlook. These statements are based on current plans, estimates and projections, and, therefore, you should not place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Factors that could affect actual results include but are not limited to corporate developments that could preclude, impair or delay the above-described transactions due to restrictions under the federal securities laws; changes in the terms or availability of our credit facility; changes in our cash requirements or financial position; and changes in general market, economic, tax, regulatory or industry conditions that impact our ability or willingness to consummate the above-described transactions on the terms described above or at all. For a more complete description of these and other possible risks and uncertainties, please refer to our Annual Report on Form 10-K for the year ended December 31, 2012, as well as to our subsequent filings with the SEC. The forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.
United Rentals, Inc.
Fred Bratman, 203-618-7318
Cell: (917) 847-4507
KEYWORDS: United States North America Connecticut
The article United Rentals Announces Notice of Expiration of Conversion Rights to Holders of Convertible Quarterly Income Preferred Securities originally appeared on Fool.com.
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