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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/11/24 United Rentals, Inc. 8-K:1,2,9 3/11/24 12:1M Toppan Merrill/FA United Rentals North America Inc. |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 48K 2: EX-4.1 Instrument Defining the Rights of Security Holders HTML 682K 7: R1 Cover HTML 53K 9: XML IDEA XML File -- Filing Summary XML 12K 12: XML XBRL Instance -- tm248403d1_8k_htm XML 23K 8: EXCEL IDEA Workbook of Financial Report Info XLSX 8K 4: EX-101.DEF XBRL Definitions -- uri-20240311_def XML 73K 5: EX-101.LAB XBRL Labels -- uri-20240311_lab XML 101K 6: EX-101.PRE XBRL Presentations -- uri-20240311_pre XML 70K 3: EX-101.SCH XBRL Schema -- uri-20240311 XSD 14K 10: JSON XBRL Instance as JSON Data -- MetaLinks 27± 36K 11: ZIP XBRL Zipped Folder -- 0001104659-24-033017-xbrl Zip 174K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): i March 11, 2024
i UNITED RENTALS (NORTH AMERICA), INC.
(Exact name of registrant as specified in its charter)
| i Delaware | i 001-14387 | i 06-1522496 | ||
| i Delaware | i 001-13663 | i 86-0933835 | ||
| (State
or other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS
Employer Identification No.) |
| i 100 First Stamford Place, i Suite 700 | ||
| i Stamford, i Connecticut | i 06902 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: ( i 203) i 622-3131
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
i ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| i Common Stock, $0.01 par value | i URI | i NYSE |
| Co-Registrant CIK | 0001047166 |
| Co-Registrant Amendment Flag | false |
| Co-Registrant Form Type | 8-K |
| Co-Registrant DocumentPeriodEndDate | 2024-03-11 |
| Co-Registrant Written Communications | false |
| Co-Registrant Solicitating Materials | false |
| Co-Registrant PreCommencement Tender Offer | false |
| Co-Registrant PreCommencement Issuer Tender Offer | false |
| Emerging growth company | false |
| 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 the Notes, at its option, at any time on or after March 15, 2029, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the twelve month period beginning on March 15 of each of the years indicated below:
| Year | Redemption Price | ||||
| 2029 | 103.063 | % | |||
| 2030 | 102.042 | % | |||
| 2031 | 101.021 | % | |||
| 2032 and thereafter | 100.000 | % | |||
At any time prior to March 15, 2029, URNA may, at its option, redeem some or all of the Notes at a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to the redemption date.
In addition, at any time on or prior to March 15, 2027, URNA may, at its option, on one or more occasions, redeem up to 40% of the aggregate principal amount of the Notes with the net cash proceeds of certain equity offerings at a price equal to 106.125% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date. Upon the occurrence of certain change of control events during a period when the change of control offer to purchase provisions under the Indenture apply, URNA must offer to repurchase the Notes at a price of 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the purchase date.
If (i) URNA’s acquisition of all of the membership interests of Yak Access, LLC (the “Yak Acquisition”) is not consummated on or prior to June 3, 2024 or such later date as the parties to the membership interest purchase agreement (the “Yak Purchase Agreement”) between URNA and Yak Holding III, LLC may agree as the “Drop Dead Date” thereunder (the “Acquisition Deadline”), (ii) URNA has determined that the Yak Acquisition will not be consummated on or before the Acquisition Deadline and gives the trustee under the Indenture a written notice to that effect, or (iii) the Yak Purchase Agreement is terminated in accordance with its terms or by agreement of the parties thereto, and the Yak Acquisition has not been consummated, URNA will be required to redeem the Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon, to, but not including, the special mandatory redemption date.
The Indenture governing the Notes contains certain covenants applicable to URNA and its restricted subsidiaries, including limitations on liens and mergers, consolidations and sale of assets. The Indenture governing the Notes also contains requirements relating to additional subsidiary guarantors. Each of these covenants is subject to important exceptions and qualifications. In addition, the requirements to provide subsidiary guarantees and to make an offer to repurchase the Notes upon the occurrence of a change of control will not apply to URNA and its restricted subsidiaries during any period when the Notes are rated investment grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in certain circumstances, another rating agency selected by URNA, provided at such time no default under the Indenture has occurred and is continuing.
The Indenture provides for customary events of default, including the following (subject to any applicable cure period): nonpayment, breach of covenants in the Indenture, payment defaults under or acceleration of certain other indebtedness, failure to discharge certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs or is continuing, the trustee, acting at the direction of holders of at least 30% in aggregate principal amount of the Notes then outstanding may declare the principal of, premium, if any, and accrued and unpaid interest, if any, to be due and payable immediately.
The description above is qualified in its entirety by the Indenture (including the Form of Note for the Notes), which is filed as Exhibit 4.1 to this current report on Form 8-K and is incorporated by reference into this Item 1.01.
| 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.
| 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
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 | |
| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 3/15/34 | ||||
| 3/15/29 | ||||
| 3/15/27 | ||||
| 9/15/24 | ||||
| 6/3/24 | ||||
| Filed on / For Period end: | 3/11/24 | 144 | ||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/24/24 United Rentals, Inc. 10-Q 3/31/24 59:5.9M |