Summary
United Rentals, Inc. (URI) filed an 8-K report on March 7, 2012, detailing a material amendment to its credit facility. The company, along with certain subsidiaries, entered into an Incremental Assumption Agreement that increases the U.S. revolving credit commitment under its Amended and Restated Credit Agreement by $100 million, bringing the total senior secured asset-based loan (ABL) facility to $1.9 billion. This increase provides the company with greater financial flexibility and borrowing capacity. The report also confirms that as of the agreement's effectiveness, approximately $907 million was drawn under the ABL facility, leaving approximately $993 million available for future borrowings, subject to borrowing base limitations. The ABL Facility matures on October 13, 2016. Additionally, the filing mentions the ongoing proposed merger with RSC Holdings, Inc., noting that participants in proxy solicitations may be deemed to have an interest in the transaction.
Key Highlights
- 1United Rentals increased its U.S. revolving credit commitment by $100 million.
- 2The total senior secured asset-based loan (ABL) facility now stands at $1.9 billion.
- 3The ABL Facility has a maturity date of October 13, 2016.
- 4As of the agreement date, approximately $993 million was available for additional borrowings under the ABL facility (subject to borrowing base).
- 5The increase in credit commitment provides enhanced financial flexibility for the company.
- 6The filing incorporates by reference the details of the Incremental Assumption Agreement as a material definitive agreement.
- 7The report also touches upon the proposed merger with RSC Holdings, Inc.