United Rentals provides notice of expiry of conversion rights to shareholders of preferred securities and debentures
Mar 11, 2013 (Menafn - M2 EQUITYBITES via COMTEX) --Equipment rental company United Rentals Inc URI said on Friday that it has given notice of its intention to end the conversion rights of holders of its outstanding 6 1/2% convertible subordinated debentures due 1 August 2028 and the corresponding rights of holders of its subsidiary's outstanding 6 1/2% convertible quarterly income preferred securities due 1 August 2028 (CUSIP Nos. 91136H306 and 91136H207).
The conversion rights are set to expire at 17:00 on 8 April 2013.
Until then, the preferred securities are convertible into a portion of the debentures, which will immediately be converted at a conversion rate of 1.2188 shares of common stock for each USD50 in aggregate principal amount of debentures.
The conversion price of the preferred securities, as of the close of business on 7 March 2013, is USD41.0224 per share of common stock. The current market price of the common stock, as of the same date, is USD53.78.
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