United Rentals: In the Market, Right on Cue
United gets right into its playbook with an unsecured deal to fund the Yak acquisition.
URI offering $1.1 bn in 2034 unsecured notes to fund the Yak Access deal.
We provide some links to our research on the name.
The company is reportedly doing a call today on its deal that will inevitably be a question on final pricing since URI is a strong, liquid on-the-run HY issuer with layers of bonds on both sides of the rather arbitrary investment grade/speculative grade divide. The company has proven its business model and secular growth story across some very demanding cycles.
For information on URI and peer Ashtead please see the following:
United Rentals: Another Billion out of the Gate 3-4-24
United Rentals: Another Bellwether Supporting the Macro Health Story 1-31-24
Rental Equipment: A Cyclical Confidence Booster 9-15-23
Credit Crib Notes: United Rentals (URI) 9-12-23
Ashtead 4Q23/FY 2023 - Company Comment 6-14-23
United Rentals: Investor Day Backs Up Bulls 6-11-23