United Rentals Announces $1.5 Billion Senior Notes Offering

On November 24, 2025, United Rentals, Inc. (NYSE: URI) revealed its plans to launch a private offering of $1.5 billion in Senior Notes due 2033 through its subsidiary, United Rentals (North America), Inc. (URNA). This strategic financial move aims to bolster the company's capital structure and enhance its operational flexibility.

URNA's obligations under the proposed Senior Notes will be guaranteed on a senior unsecured basis by United Rentals, Inc. and select domestic subsidiaries of URNA. The aggregate net proceeds from this offering are anticipated to be approximately $1.486 billion after accounting for initial purchasers' discounts, commissions, and estimated fees and expenses.

The funds raised from the offering will primarily be allocated towards redeeming URNA's existing $500 million 5½% Senior Notes due 2027. Additionally, the proceeds will support general corporate purposes, including a reduction of borrowings under URNA's senior secured asset-based revolving credit facility. This move reflects United Rentals’ commitment to optimizing its debt profile and managing its financial obligations more effectively.

The Senior Notes will be offered under an exemption provided by the Securities Act of 1933, as amended. The offering will be made exclusively to persons considered qualified institutional buyers in reliance on Rule 144A, and to certain non-U.S. persons in accordance with Regulation S of the Securities Act. It is important to note that the Notes have not been registered under the Securities Act, which means they cannot be offered or sold within the United States to any U.S. person unless the offering qualifies for an exemption from registration.

In the press release, United Rentals underscored that this announcement does not constitute a recommendation to buy, sell, or hold securities and does not serve as an offer or solicitation for the sale of securities in jurisdictions where such actions would be unlawful prior to the necessary registrations. Furthermore, the company cannot guarantee that the offering will be completed as proposed.

United Rentals, Inc. holds the title of the largest equipment rental company in the world, boasting a vast network of 1,639 rental locations across North America, 41 in Europe, 40 in Australia, and 19 in New Zealand. Operating in all 49 U.S. states and every Canadian province, the company is supported by approximately 27,900 employees serving a diverse clientele, including construction and industrial sectors, utilities, municipalities, and homeowners. United Rentals offers a robust fleet of rental equipment valued at an original cost of $22.82 billion. The company is also a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index, and the Russell 3000 Index, with its headquarters located in Stamford, Connecticut.

United Rentals' proposed offering of $1.5 billion in Senior Notes marks a significant step towards strengthening its capital structure and enhancing operational agility. As the company continues to navigate the evolving landscape of the equipment rental industry, this financial maneuver may position it for sustained growth and resilience in the years to come.