United Rentals Inc. says it is calling in early some $500 million of outstanding senior debt for which the Greenwich renter and seller of construction equipment is offering nearly $1.11 on every dollar of the debt.
United Rentals wants to redeem all of its 10.875 percent senior notes due 2016 by Nov. 29 at a price that includes accrued and unpaid interest.
The company says it will use proceeds from its recent issuance of its 6.125 percent bonds due 2023, plus bank borrowings of about $188 million to redeem the debt.
The Bank of New York Mellon is trustee for the redemption.
