United Rental - URI STOCK NEWS

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.

United Rentals announced a cash tender offer to acquire all outstanding shares of General Finance at $19.00 per share. This offer, made through its subsidiary UR Merger Sub VI Corporation, is part of a merger agreement finalized on April 15, 2021. The tender offer will expire on May 21, 2021, unless extended. The transaction is not subject to any financing conditions but is contingent upon certain regulatory approvals and the tendering of sufficient shares. The General Finance board recommends stockholders accept the offer.

United Rentals will acquire General Finance for $19 per share, totaling approximately $996 million, including $400 million net debt. The acquisition aims to enhance United Rentals' market presence and diversify service offerings in mobile storage and modular office space. General Finance operates 106 branches across North America and Australia/New Zealand, generating $94 million adjusted EBITDA on $346 million revenue. The deal, expected to close in Q2 2021, is projected to yield $65 million in revenue synergies and $17 million in adjusted EBITDA benefits by the second year post-acquisition.