United Rentals, Inc. - URI STOCK NEWS

United Rentals (NYSE: URI) announced its subsidiary, URNA, will redeem all of its $1.0 billion principal amount of 5.875% Senior Notes due 2026 on September 15, 2021. The redemption price is set at 102.938% of the principal amount plus accrued interest. URNA will use borrowings from its senior secured asset-based revolving credit facility for this redemption. The process is dependent on the availability of funds under this facility, which could delay the redemption if conditions are not met.

United Rentals, Inc. (NYSE: URI) has appointed Larry De Shon to its board of directors, increasing the board size to 12 members, with 10 independent directors. De Shon brings over 40 years of experience in transportation services, including a tenure as CEO of Avis Budget Group. His diverse background is expected to align with United Rentals' strategy of delivering critical service-intensive solutions across various customer markets. Chairman Michael Kneeland emphasized De Shon's innovative thinking as a valuable asset to the company.

United Rentals (NYSE: URI) has announced its subsidiary, URNA, priced $750 million of 3.750% Senior Notes due 2032 in a public offering. The net proceeds of approximately $743 million will be utilized to redeem $1 billion of its 5⅞% Senior Notes due 2026 and reduce borrowings under its ABL Facility. These notes rank equally with existing senior debts but are junior to secured debts. The offering is managed by leading financial institutions, including Morgan Stanley and BofA Securities.

United Rentals (NYSE: URI) announced a public offering of $750 million in Senior Notes due 2032 through its subsidiary, URNA. The Notes will rank equally with URNA’s existing senior debts and senior to subordinated debts, guaranteed by URI. The estimated net proceeds are $743 million, intended to redeem $1 billion of 5⅞% Senior Notes due 2026 and reduce borrowings under their ABL Facility. The offering is managed by major financial institutions, including Morgan Stanley and BofA Securities. This announcement does not constitute an offer or sale of securities in jurisdictions where it would be unlawful.

United Rentals (NYSE: URI) reported Q2 2021 results with total revenue of $2.287 billion and rental revenue of $1.951 billion, marking an 18.8% year-over-year increase. Net income rose 38.2% to $293 million, with an adjusted EBITDA of $999 million. The company raised its full-year 2021 guidance, forecasting total revenue between $9.45 billion and $9.75 billion, largely due to recent acquisitions. Fleet productivity improved by 17.8% year-over-year, indicating strong operational efficiency.

United Rentals, Inc. (NYSE: URI) will conduct its second quarter 2021 conference call on July 29, 2021, at 11:00 a.m. ET, featuring CEO Matt Flannery and CFO Jessica Graziano. The earnings press release will be available on unitedrentals.com after market close on July 28, 2021. Investors can also access an audio webcast of the call, which will be archived on the website. As the largest equipment rental company globally, United Rentals operates 1,156 locations across North America and Europe, offering around 4,000 types of equipment for rent.

United Rentals, Inc. (NYSE: URI) has completed its acquisition of General Finance Corporation (NASDAQ: GFN). The deal, valued at $19.00 per share, enhances United Rentals' growth capacity by adding mobile storage and modular office solutions, along with over 900 employees. CEO Matthew Flannery expressed optimism about the strategic merits of the acquisition, aligning with increasing market demand. Financial results reflecting the merger will be reported in July. Following the merger, General Finance's common stock will be delisted from NASDAQ.

United Rentals, through its subsidiary UR Merger Sub VI Corporation, has completed its tender offer to acquire General Finance Corporation for $19.00 per share. The offer, which expired on May 21, 2021, saw 27,625,450 shares tendered, amounting to approximately 91.4% of General Finance's outstanding shares. The acquisition is scheduled for completion on May 25, making General Finance a wholly owned subsidiary. Post-merger, General Finance's common stock and preferred shares will be cancelled and delisted from NASDAQ.

United Rentals reported Q1 2021 revenues of $2.057 billion, a 6.5% decline in rental revenue year-over-year, but raised its full-year guidance to $9.05 billion to $9.45 billion. Net income rose 17.3% to $203 million, with a net income margin of 9.9% and diluted EPS of $2.80. Adjusted EBITDA decreased 4.6% to $873 million. The company experienced a significant 28% increase in used equipment sales, generating $267 million in gross margin. CEO Matthew Flannery expressed confidence in continued recovery.