United Rentals
United Rentals is a Greenwich, Connecticut-based company founded in 1997 by Bradley S. Jacobs.
Key facts
🔗AngelList🔗Apple App StorecbCrunchbasefFacebook🔗Google Play StoreinLinkedInpbPitchBook𝕏X🌐Website▶YouTube
| CAGE Code | 1K0T5 |
|---|---|
| Legal Name | United Rentals, Inc. |
| Company Operating Status | Active |
| Full Address | 100 1ST STAMFORD PL STE 700 STAMFORD, CT 06902 UNITED STATES |
| Stock Symbol | URI |
| Ticker Symbol | URI |
| Wellfound ID | united-rentals |
| Wikidata ID | Q7889101 |
Capital structure
$945m total debt
| Instrument | Coupon | Maturity | Amount | Source |
|---|---|---|---|---|
| United Rentals Receivables Purchase Facility - MUFG Bank, Ltd. · Senior Secured | Adjusted Term SOFR + applicable spread (per Fee Agreement) | — | USD 310m | source ↗ |
| United Rentals Receivables Purchase Facility - Toronto-Dominion Bank · Senior Secured | Adjusted Term SOFR + applicable spread (per Fee Agreement) | — | USD 310m | source ↗ |
| United Rentals Receivables Purchase Facility - PNC Bank · Senior Secured | Adjusted Term SOFR + applicable spread (per Fee Agreement) | — | USD 163m | source ↗ |
| United Rentals Receivables Purchase Facility - Truist Bank · Senior Secured | Adjusted Term SOFR + applicable spread (per Fee Agreement) | — | USD 163m | source ↗ |
Covenant analysis
| Covenant | Term | vs market | Source |
|---|---|---|---|
| Class D Obligor Concentration Percentage · Concentration Limit | 2.00% for Class D Obligors (below A-3/P-3 or not rated; below BBB-/Baa3 or not rated) | tight 2% vs concentration limit median 4.5% (n=8) | source ↗ |
| Class B Obligor Concentration Percentage · Concentration Limit | 5.00% for Class B Obligors (Short-Term Rating A-2/P-2; Long-Term Rating A-/A3 or BBB+/Baa1) | market 5% vs concentration limit median 4.5% (n=8) | source ↗ |
| LCR Security Prohibition · Negative Covenant | Seller will not issue any LCR Security | source ↗ | |
| Delinquency Ratio Trigger · Performance Trigger / Event of Termination | Three-month rolling average of Delinquency Ratio must not exceed 14.50% | source ↗ | |
| Fixed Charge Coverage Ratio Covenant (Collection Agent Default) · Financial Maintenance / Cross-Default | Breach by Collection Agent of Section 8.9 (Fixed Charge Coverage Ratio) of the Credit Agreement at any time during a Covenant Trigger Period constitutes a Collection Agent Default | source ↗ | |
| Cross-Default Threshold (Collection Agent) · Cross-Default | Collection Agent Default if Collection Agent fails to pay Debt outstanding in principal amount of at least $200,000,000 (or higher cross-default threshold in Credit Agreement) | source ↗ | |
| Cross-Default Threshold (Seller) · Cross-Default | Event of Termination if Seller fails to pay Debt outstanding in principal amount of at least $25,000,000 | source ↗ | |
| Minimum Loss Reserve Percentage · Reserve / Credit Enhancement | Minimum Loss Reserve of 10% of Net Receivables Pool Balance | source ↗ | |
| Seller Debt Restriction · Negative Covenant | Seller will not incur any Debt other than Debt incurred pursuant to the Agreement, the Purchase Agreement or the Fee Agreements | source ↗ | |
| No Mergers / Asset Disposals (Seller) · Negative Covenant | Seller will not merge, consolidate, or dispose of all or substantially all assets | source ↗ | |
| Eligible Extended Term Receivable Cap · Concentration Limit | Eligible Extended Term Receivables in aggregate must not exceed 22.5% of Outstanding Balance of all Eligible Receivables | loose 22.5% vs concentration limit median 4.5% (n=8) | source ↗ |
| Class C Obligor Concentration Percentage · Concentration Limit | 3.33% for Class C Obligors (Short-Term Rating A-3/P-3; Long-Term Rating BBB/Baa2 or BBB-/Baa3) | tight 3.33% vs concentration limit median 4.5% (n=8) | source ↗ |
| Class A Obligor Concentration Percentage · Concentration Limit | 10.00% for Class A Obligors (Short-Term Rating A-1/P-1 or higher; Long-Term Rating A/A2 or higher) | loose 10% vs concentration limit median 4.5% (n=8) | source ↗ |
| Tangible Net Worth · Financial Maintenance | Seller must maintain Tangible Net Worth at all times equal to at least 3% of the Outstanding Balance of the Receivables | tight 3% vs financial maintenance median 10% (n=26) | source ↗ |
Contact details
Email and phone for United Rentals are available to signed-in members of Mezanin.
Sign in to view