A unit of Greenwich construction equipment sales-rental vendor United Rentals Inc. is redeeming its $5 million of convertible debt, offering 100 cents on the dollar plus any unpaid interest.
United Rentals (North America) Inc. has filed notice of its intent to call in all its outstanding 1 ⅞% convertible senior subordinated notes due 2023, effective Dec. 13.
The notes are convertible at any time before close of business Dec. 12 at a rate of 45.8160 shares of common stock per $1,000 principal amount.
Notes surrendered for conversion will be settled in cash and stock in accordance with the provisions of the indenture.
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Bank of New York Mellon, as notes trustee, is overseeing the redemption.
