United Rentals Announces Pricing of Offering of $750 Million of Senior Notes due 2030

STAMFORD, Conn.–(BUSINESS WIRE)–United Rentals, Inc. (NYSE: URI) (“URI”) today announced that its
subsidiary, United Rentals (North America), Inc. (“URNA”), has priced an
offering of $750 million principal amount of 5.25% Senior Notes due 2030
(the “Notes”) in a registered public offering.

The Notes offered by URNA will rank:

• equally in right of payment with all of URNA’s existing and future
  senior indebtedness,
• effectively junior to any of URNA’s existing and future secured
  indebtedness to the extent of the value of the assets securing such
  indebtedness, and
• senior in right of payment to any of URNA’s existing and future
  subordinated indebtedness.

URNA’s obligations under the Notes will be guaranteed on a senior
unsecured basis by URI and certain of URNA’s domestic subsidiaries.

Aggregate net proceeds from the sale of the Notes are expected to be
approximately $741 million after underwriting discounts and commissions
and payments of estimated fees and expenses. URNA intends to use the net
proceeds from its offering of the Notes and additional borrowings of
$133 million under its senior secured asset-based revolving credit
facility to redeem all $850 million principal amount of its 5.75% Senior
Notes due 2024 at a redemption price of 102.875% plus interest accrued
to, but excluding, the date of redemption, and to pay related expenses.
Pending the payment of the redemption price for the 5.75% Senior Notes
due 2024, the net proceeds from the offering of the Notes will be
applied to reduce borrowings under URNA’s senior secured asset-based
revolving credit facility (the “ABL Facility”). URNA expects to then
borrow under the ABL Facility to fund the redemption.

Morgan Stanley, BofA Merrill Lynch, Wells Fargo Securities, Citigroup,
Scotiabank, MUFG, Barclays, Deutsche Bank Securities and J.P. Morgan are
the joint book-running managers for the offering, with Morgan Stanley
serving as the lead book-running manager.

This news release does not constitute an offer to sell or a solicitation
of an offer to buy, nor shall there be any sale of any of the securities
in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. The securities being offered have not
been approved or disapproved by any regulatory authority, nor has any
such authority passed upon the accuracy or adequacy of the prospectus
supplement or the shelf registration statement or prospectus.

URI and URNA have filed a registration statement (including a prospectus
and a related preliminary prospectus supplement) with the U.S.
Securities and Exchange Commission (“SEC”) for the offering to which
this communication relates. Before you invest, you should read the
preliminary prospectus supplement and prospectus in that registration
statement and other documents URI and URNA have filed with the SEC for
more complete information about them and these offerings. You may get
these documents for free by visiting EDGAR on the SEC’s website at http://www.sec.gov.
Alternatively, copies of the preliminary prospectus supplement and
accompanying prospectus for the offerings may be obtained by contacting
Morgan Stanley at 1585 Broadway, New York, New York 10036; Attention:
High Yield Syndicate Desk.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995, known
as the PSLRA. Forward-looking statements involve significant risks and
uncertainties that may cause actual results to differ materially from
those set forth in the statements. These statements are based on current
plans, estimates and projections, and, therefore, you should not place
undue reliance on them. No forward-looking statement can be guaranteed,
and actual results may differ materially from those projected. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise. Forward-looking statements are not historical facts, but
rather are based on current expectations, estimates, assumptions and
projections about the business and future financial results of the
equipment rental industries, and other legal, regulatory and economic
developments. We use words such as “anticipates,” “believes,” “plans,”
“expects,” “projects,” “future,” “intends,” “may,” “will,” “should,”
“could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,”
and similar expressions to identify these forward-looking statements
that are intended to be covered by the safe harbor provisions of the
PSLRA. We give no assurance that it will achieve its expectations and
does not assume any responsibility for the accuracy and completeness of
the forward- looking statements.

You should carefully consider risks and uncertainties that affect our
businesses described in the “Risk Factors” section of the Annual Reports
on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed
from time to time with the SEC. All forward-looking statements included
in this document are based upon information available to URI on the date
hereof; and URI assumes no obligations to update or revise any such
forward-looking statements.

About United Rentals

United Rentals, Inc. is the largest equipment rental company in the
world. The company has an integrated network of 1,165 rental locations
in North America and 11 in Europe. In North America, the company
operates in 49 states and every Canadian province. The company’s
approximately 18,600 employees serve construction and industrial
customers, utilities, municipalities, homeowners and others. The company
offers approximately 4,000 classes of equipment for rent with
a total original cost of $14.1 billion as of March 31, 2019. United
Rentals is a member of the Standard & Poor’s 500 Index, the Barron’s 400
Index and the Russell 3000 Index® and is headquartered in Stamford,
Conn. Additional information about United Rentals is available at
unitedrentals.com.

Contacts

Ted Grace
(203) 618-7122
Cell: (203) 399-8951
tgrace@ur.com