Summary
United Rentals, Inc. (URI) filed an 8-K on January 22, 2014, primarily to disclose operational and financial information and to report the satisfaction and discharge of a material debt agreement. The company issued a press release on January 22, 2014, detailing its results for the quarter and full year ended December 31, 2013. Additionally, the filing confirms the redemption and full satisfaction of the $200 million principal amount of Senior 10.25% Notes due 2019 by its subsidiary, United Rentals (North America), Inc. (URNA), using proceeds from its senior secured asset-based revolving credit facility. This redemption effectively releases URNA and its subsidiary guarantors from their obligations under these notes and the associated indenture. Investors should note that the press release contains non-GAAP financial measures such as free cash flow, EBITDA, adjusted EBITDA, and adjusted EPS, with accompanying reconciliations to GAAP measures. The company believes these non-GAAP metrics provide valuable insights into its operational performance and financial health.
Key Highlights
- 1United Rentals reported its Q4 and full-year 2013 financial results via press release on January 22, 2014.
- 2The company's subsidiary, URNA, successfully redeemed all outstanding $200 million of its Senior 10.25% Notes due 2019 on January 21, 2014.
- 3The redemption of the 10.25% Notes was funded by approximately $230 million in borrowings under URNA's senior secured asset-based revolving credit facility.
- 4As a result of the redemption and deposit of funds, URNA and its subsidiary guarantors are released from their obligations under the redeemed notes and the related indenture.
- 5The filing incorporates by reference a press release containing the company's financial results, which includes non-GAAP financial measures.
- 6Information regarding business, financial results, and the 2014 outlook is available on the company's website for investor presentations.