United Rentals (North America), Inc. filed a Free Writing Prospectus on October 26, 2026, disclosing the pricing terms for a $2.5 billion three-tranche senior unsecured notes offering across maturities in 2029, 2031, and 2036.

Key Highlights

  • Three tranches priced: $700,000,000 of 5.550% Senior Notes due 2029, $800,000,000 of 5.750% Senior Notes due 2031, and $1,000,000,000 of 6.200% Senior Notes due 2036.
  • Net proceeds estimated at approximately $2.476 billion after underwriting discounts, commissions, and estimated fees and expenses, according to the filing.
  • Proceeds use: the company disclosed it expects to use net proceeds to repay in full the indebtedness outstanding under the Term Loan Facility and for general corporate purposes, including to reduce borrowings under the ABL Facility and the Accounts Receivable Securitization Facility.
  • Settlement date: October 29, 2026 (T+3), with a trade date of October 26, 2026.
  • Expected ratings (Moody's/S&P): Baa3 / BBB-, per the filing, which notes that a securities rating is not a recommendation to buy, sell, or hold securities and may be revised or withdrawn at any time.
  • Guarantor: United Rentals, Inc. is named as guarantor of the notes.

United Rentals (North America) Details Pricing on $2.5 Billion Multi-Tranche Notes Offering

According to the Free Writing Prospectus filed pursuant to Rule 433 and dated October 26, 2026, United Rentals (North America), Inc. priced three series of SEC-registered senior unsecured notes. The 2029 Notes carry a coupon of 5.550% and were issued at 99.922% of principal amount, yielding 5.580% to maturity. The 2031 Notes carry a coupon of 5.750% and were issued at 99.884% of principal amount, yielding 5.778% to maturity. The 2036 Notes carry a coupon of 6.200% and were issued at 99.710% of principal amount, yielding 6.240% to maturity.

The filing discloses spreads to benchmark Treasuries of +80 basis points for the 2029 Notes, +95 basis points for the 2031 Notes, and +125 basis points for the 2036 Notes. Interest on all three series is payable semi-annually on April 15 and October 15, with the first payment due April 15, 2027. All three tranches are offered in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. CUSIP numbers disclosed are 911365BT0 for the 2029 Notes, 911365BU7 for the 2031 Notes, and 911365BV5 for the 2036 Notes.

The filing describes optional redemption provisions for each series. The 2029 and 2031 Notes may be redeemed prior to their respective par call dates at the greater of 100% of principal or a make-whole price using a discount rate of Treasury plus 15 basis points. The 2036 Notes use a make-whole discount rate of Treasury plus 20 basis points. Each series also includes a change of control triggering event provision requiring the issuer to offer to purchase the applicable notes at 101% of principal amount plus accrued and unpaid interest. Joint bookrunners named in the filing are J.P. Morgan Securities LLC, BofA Securities, Inc., Goldman Sachs and Co. LLC, and Wells Fargo Securities, LLC.

What Was Disclosed

United Rentals (North America), Inc. filed a pricing term sheet on October 26, 2026, for a $2.5 billion three-tranche senior unsecured notes offering, disclosing coupons, issue prices, yields, spreads, redemption terms, and planned use of net proceeds of approximately $2.476 billion.