United Rentals Enters Material Definitive Agreement
Ticker: URI · Form: 8-K · Filed: Mar 11, 2024 · CIK: 1067701
Sentiment: neutral
Topics: debt, agreement, financial-obligation
Related Tickers: URI
TL;DR
URI just signed a big deal, could mean new debt or obligations.
AI Summary
On March 11, 2024, United Rentals, Inc. entered into a Material Definitive Agreement related to a financial obligation. The filing also includes information on the creation of a direct financial obligation or an off-balance sheet arrangement. Specific details regarding the agreement, dollar amounts, and precise nature of the obligation are not fully disclosed in the provided text.
Why It Matters
This filing indicates a significant financial commitment or arrangement by United Rentals, Inc., which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement and financial obligation, but the lack of specific details necessitates a medium risk assessment.
Key Players & Entities
- UNITED RENTALS, INC. (company) — Filer
- UNITED RENTALS NORTH AMERICA INC (company) — Related Entity
FAQ
What is the specific nature of the Material Definitive Agreement entered into by United Rentals, Inc. on March 11, 2024?
The provided text states that United Rentals, Inc. entered into a Material Definitive Agreement, but does not specify its nature.
What is the dollar amount associated with the financial obligation mentioned in the filing?
The provided text mentions the creation of a direct financial obligation but does not specify any dollar amounts.
Does the filing detail any off-balance sheet arrangements for United Rentals, Inc.?
The filing indicates the creation of an obligation under an off-balance sheet arrangement, but the specifics are not detailed in the provided text.
What is the Central Index Key for United Rentals, Inc.?
The Central Index Key for United Rentals, Inc. is 0001067701.
When was United Rentals, Inc. incorporated or last changed its name?
United Rentals, Inc. was formerly known as UNITED RENTALS INC /DE and its date of name change was 19980806.
Filing Stats: 1,503 words · 6 min read · ~5 pages · Grade level 13.4 · Accepted 2024-03-11 16:30:38
Key Financial Figures
- $0.01 — ge on which registered Common Stock, $0.01 par value URI NYSE Co-Registrant
- $1,100,000,000 — Inc. ("URNA") completed an offering of $1,100,000,000 aggregate principal amount of its 6.125
Filing Documents
- tm248403d1_8k.htm (8-K) — 48KB
- tm248403d1_ex4-1.htm (EX-4.1) — 686KB
- 0001104659-24-033017.txt ( ) — 1104KB
- uri-20240311.xsd (EX-101.SCH) — 3KB
- uri-20240311_def.xml (EX-101.DEF) — 26KB
- uri-20240311_lab.xml (EX-101.LAB) — 35KB
- uri-20240311_pre.xml (EX-101.PRE) — 24KB
- tm248403d1_8k_htm.xml (XML) — 6KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement . On March 11, 2024, United Rentals (North America), Inc. ("URNA") completed an offering of $1,100,000,000 aggregate principal amount of its 6.125% Senior Notes due 2034 (the "Notes") in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), or outside the United States to certain persons in reliance on Regulation S under the Securities Act. The Notes were issued pursuant to an indenture, dated as of March 11, 2024 (the "Indenture"), among URNA, United Rentals, Inc. ("URI"), certain domestic subsidiaries of URNA (the "Subsidiary Guarantors" and, together with URI, the "Guarantors"), and Truist Bank, as trustee. The Notes mature on March 15, 2034 and bear interest at a rate of 6.125% per year payable semi-annually in cash in arrears on March 15 and September 15 of each year. The first such interest payment will be made on September 15, 2024. The Notes are senior obligations of URNA and rank equally in right of payment with all of its existing and future senior indebtedness, effectively junior to any of its existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and senior in right of payment to any of its existing and future subordinated indebtedness. The Notes are guaranteed on a senior unsecured basis by the Guarantors. The guarantees are senior unsecured obligations of the Guarantors and rank equally in right of payment with all of their existing and future senior indebtedness, effectively junior to any of their existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and senior in right of payment to any of their existing and future subordinated indebtedness. The Notes are not guaranteed by URNA's foreign subsidiaries or unrestricted subsidiaries. URNA may redeem some or all of t
03 Creation of a Direct Financial Obligation or an Obligation
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. Information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description Exhibit 4.1 Indenture, dated as of March 11, 2024, among URNA, URI, each of URNA's subsidiaries named therein and Truist Bank, as Trustee (including the Form of Note for the Notes). Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 11, 2024 UNITED RENTALS, INC. By: /s/ Joli L. Gross Name: Joli L. Gross Title: Senior Vice President, Chief Legal & Sustainability Officer, Corporate Secretary UNITED RENTALS (NORTH AMERICA), INC. By: /s/ Joli L. Gross Name: Joli L. Gross Title: Senior Vice President, General Counsel and Corporate Secretary