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$URI's subsidiary United Rentals North America, Inc. has extended the expiration date of its offer to exchange up to $750MM of its outstanding 4.875% Senior Notes due 2028 issued in a registered offering for equivalent of its new 4.875% Senior Notes due 2028. The offer is now scheduled to expire on Dec. 15, 2017.
$URI completed acquisition of Neff Corp. for a total purchase price of about $1.3Bil. The purchase was funded primarily through newly issued unsecured debt. The company plans to update its 2017 financial outlook to reflect the combined operations when it releases financial results for 3Q17.
$URI's subsidiary, United Rentals North America, Inc. is offering $750MM principal amount of Senior Notes due 2025 and $750MM principal amount of 4.875% Senior Notes due 2028 in a public offering. Total proceeds are expected to be approx. $1.48Bil. URNA intends to use the proceeds to finance a portion of the $1.3Bil acquisition of Neff Corporation.
Equipment rental company $URI entered in to an agreement to acquire $NEFF for $25 per share in cash, representing a total of $1.3Bil. The transaction is expected to close in 4Q17. $NEFF, who terminated it merger agreement with $HEES, is expected to generate $207MM of adjusted EBITDA for FY17 on $419MM of total revenue.
$URI's United Rentals North America (URNA) is offering $925MM of senior notes due 2028 in a registered public offering. URNA plans to use proceeds and additional borrowings of $53MM under its senior secured asset-based revolving credit facility to redeem all of the outstanding $925MM of its 6.125% Senior Notes due 2023.
$URI stated the $200MM run rate is going to be a net number. The company added that it has to put some cost into the business to achieve some of the initiatives that it does. The $200MM is the end of 2018 run rate and that’s how the company is stating the impact of the program overall.
$URI lifted 2017 revenue outlook to $6.05-6.25Bil from $5.75-5.95Bil and adjusted EBITDA estimate to $2.835-2.985Bil from $2.7-2.85Bil. $URI raised net cash provided by operating activities forecast to $1.85-2.05Bil from $1.675-1.875Bil and its free cash flow guidance to $800-900MM from $650-750MM. This will reflect NES Rentals acquisition.
$URI reported a rise in 1Q17 earnings driven by 7% growth in volume and record time utilization on strength in core construction markets. Net income rose to $109MM or $1.27 per share from $92MM or $1.01 per share last year. Revenue grew to $1.36Bil from $1.31Bil. Adjusted EPS increased to $1.63 from $1.40.
$URI said its subsidiary United Rentals North America (URNA), is offering $250MM of its 5.875% Senior Notes due 2026 and $250MM of its 5.500% Senior Notes due 2027 in a registered public offering. Aggregate net proceeds are expected to be about $492MM, after underwriting discounts and commissions and payments of estimated fees and expenses.