United Rentals (North America), Inc.’s $1.5 Billion High‑Yield Senior Notes Offering

Cravath represented the initial purchasers in connection with the $1.5 billion high-yield senior notes offering of United Rentals (North America), Inc., a subsidiary of United Rentals, Inc., the largest equipment rental company in the world at the time of the offering. The transaction closed on December 1, 2025.

The Cravath team included partners William V. Fogg and Ryan J. Patrone and associates Q. Cindy Yuan and Sasha G. Savitsky on capital markets matters; partner Andrew T. Davis and associate Chloe Amarilla on tax matters; partner Matthew Morreale on environmental matters; and associate S. Celine Li on executive compensation and benefits matters. Yang Hyun (Yanni) Cho also worked on capital markets matters.