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UNITED RENTALS, INC. 8-K Report, Corporate Update (Jul 23, 2008)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed July 23, 2008
Period End
July 23, 2008
Security
URI
In the record · 2016–202610-K1110-Q328-K170

URI filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 170 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Oct ’17Oct ’17
  2. Leadership change8-K · May ’19May ’19
  3. Material agreement8-K · Aug ’21Aug ’21
  4. Material agreement8-K · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 8-K filed July 23, 2008. Cited figures are marked; the original filing is the authoritative source.

United Rentals, Inc. (URI) filed an 8-K on July 23, 2008, primarily to announce the final results of its "modified Dutch auction" tender offer.

The company successfully repurchased approximately 27.16 million shares of its common stock at a price of $22.00a per share, which expired on July 16, 2008. This significant share buyback will impact the company's capital structure and future earnings per share.

The filing also detailed the consequential adjustments made to the conversion terms of two of its convertible debt instruments: the 6-1/2% Convertible Subordinated Debentures (underlying QUIPs) and the 1-7/8% Convertible Senior Subordinated Notes. The conversion price for the Debentures was adjusted to $41.0224b, and the conversion rate for the Notes was adjusted to 45.8160 shares per $1,000 principal, both reflecting the impact of the substantial share repurchase.

02—Key points

Key Highlights

  1. United Rentals completed a "modified Dutch auction" tender offer, repurchasing 27,160,000 shares of common stock.
  2. The repurchase price was set at $22.00 per share.
  3. The tender offer expired on July 16, 2008.
  4. The conversion price of the 6-1/2% Convertible Subordinated Debentures (underlying QUIPs) was adjusted to $41.0224.
  5. The conversion rate of the 1-7/8% Convertible Senior Subordinated Notes was adjusted to 45.8160 shares per $1,000 principal.
  6. Jenne K. Britell was elected Chairman of the Board of Directors on July 21, 2008.

03—Questions

Frequently Asked Questions

  1. What was the primary purpose of this 8-K filing?

    The primary purpose of this 8-K filing was to announce the final results of United Rentals' modified Dutch auction tender offer, which successfully repurchased a significant number of its own shares, and to disclose the resulting adjustments to the conversion terms of its convertible debt.

  2. How many shares did United Rentals buy back, and at what price?

    United Rentals bought back 27,160,000 shares of its common stock at a price of $22.00 per share.

  3. Why did the conversion prices/rates of the convertible notes and debentures change?

    The conversion prices and rates of the convertible notes and debentures were adjusted because the substantial repurchase of common stock in the tender offer affects the terms of these securities, which are often linked to the company's share count or share price.

  4. What is the impact of the tender offer on the company's stock?

    The tender offer reduces the number of outstanding shares, which can lead to an increase in earnings per share (EPS) if net income remains constant. It also signifies the company's belief that its stock was undervalued at the repurchase price and demonstrates a commitment to returning capital to shareholders.

04—Continue

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