United Rentals Replaces Accounts Receivable Securitization Facility
Greenwich, CT - Jun 5, 2005
United Rentals, Inc. (NYSE: URI), the world's largest equipment rental company, today announced that it obtained a new $200 million accounts receivable securitization facility. This facility, which has a four year term, replaces the existing $250 million accounts receivable securitization and provides for lower borrowing costs. The termination of the previous facility prior to its scheduled expiration date in 2006 resulted in a non-cash, pre-tax charge of $1.3 million, representing unamortized financing costs. The new facility, like the previous facility, is "on balance sheet" and all borrowings will be reflected as debt on the consolidated financial statements.
Additional information is included in the Form 8-K filed today.
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world, with an integrated network of 730 rental locations in 48 states, 10 Canadian provinces and Mexico. The company's 12,900 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers for rent over 600 different types of equipment with a total original cost of $3.7 billion. United Rentals is a member of the Standard & Poor's MidCap 400 Index and the Russell 2000 Index® and is headquartered in Greenwich, Conn. Additional information about United Rentals is available at www.unitedrentals.com.
VP, Investor Relations and Corporate Communications
United Rentals, Inc.