UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including
area code: (
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Introductory Note.
As previously disclosed in the Current Report on Form 8-K filed on April 15, 2021 with the Securities and Exchange Commission (the “SEC”) by United Rentals, Inc., a Delaware corporation (“URI”), United Rentals (North America), Inc., a Delaware corporation and a wholly owned subsidiary of URI (“URNA”), is party to an Agreement and Plan of Merger, dated as of April 15, 2021 (the “Merger Agreement”), with General Finance Corporation, a Delaware corporation (“GFN”) and UR Merger Sub VI Corporation, a Delaware corporation and a wholly owned subsidiary of URNA (“Merger Sub”).
Item 2.01 Completion of Acquisition or Disposition of Assets.
Pursuant to the Merger Agreement, on April 26, 2021, Merger Sub commenced a cash tender offer (the “Offer”) to acquire any and all of the outstanding shares of GFN’s common stock, par value $0.0001 per share (the “Shares”), at a price of $19.00 per Share (the “Offer Price”), net to the holder thereof in cash, without interest and subject to any required withholding of taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated April 26, 2021 (as amended or supplemented), and the related letter of transmittal.
The Offer expired at 12:00 midnight, New York time, at the end of the day of Friday, May 21, 2021 (the “Expiration Time”), as scheduled, and was not extended. Continental Stock Transfer & Trust Company, LLC, the depositary and paying agent in the Offer (the “Depositary and Paying Agent”), advised Merger Sub that, as of the Expiration Time, a total of 27,625,450 Shares (excluding Shares with respect to which notices of guaranteed delivery were delivered) had been validly tendered and not withdrawn pursuant to the Offer, representing approximately 91.4% of the outstanding Shares. The Depositary and Paying Agent also advised URNA and Merger Sub that, as of the Expiration Time, it received notices of guaranteed delivery with respect to 156,352 additional Shares, representing approximately 0.5% of the outstanding Shares.
As a result, on May 24, 2021, Merger Sub accepted for payment (such time of acceptance for payment, the “Offer Acceptance Time”) all such Shares validly tendered and not withdrawn pursuant to the Offer on or prior to the Expiration Time, and payment for such Shares will be made promptly to the Depositary and Paying Agent, which will act as agent for tendering stockholders for the purpose of receiving payments for tendered Shares and transmitting such payments to tendering stockholders whose Shares have been accepted for payment, in accordance with the terms of the Offer.
On May 25, 2021, pursuant to the terms of the Merger Agreement, Merger Sub merged with and into GFN, with GFN continuing as the surviving corporation (the “Merger”). Upon completion of the Merger, GFN became a subsidiary of URNA. The Merger was effected without a vote or meeting of GFN stockholders pursuant to Section 251(h) of the Delaware General Corporation Law (the “DGCL”). At the effective time of the Merger (the “Effective Time”), each Share issued and outstanding immediately prior to the Effective Time (other than (i) Shares owned by any stockholders who properly exercised their appraisal rights under Section 262 of the DGCL in connection with the Merger, and (ii) Shares owned by GFN, URNA or Merger Sub, which Shares will be cancelled and cease to exist) was automatically cancelled and converted into the right to receive an amount in cash equal to the Offer Price, net to the holder thereof in cash, without interest, less any applicable withholding of taxes.
Pursuant to the terms of the Merger Agreement, at the Effective Time, (1) each outstanding option to purchase Shares granted under GFN’s Amended and Restated 2014 Stock Incentive Plan and 2009 Stock Incentive Plan, in each case, as amended from time to time (collectively, the “Stock Plans” and, such option, a “Company Option”) whether vested or unvested, were cancelled and entitled the holder thereof to receive (without interest), an amount in cash equal to the product of (x) the number of Shares subject to such Company Option immediately prior to the Effective Time multiplied by (y) the excess, if any, of (A) the Offer Price over (B) the exercise price per Share of such Company Option, less applicable taxes required to be withheld with respect to such payment; (2) any vesting conditions applicable to each outstanding award of Shares of restricted stock granted under the Stock Plans (“Company Restricted Stock”) accelerated in full and were converted into, and became exchanged for the Offer Price, net to the seller in cash, without interest (less applicable taxes required to be withheld with respect to such vesting), payable in respect of Shares pursuant to the Merger Agreement; and (3)(A) any vesting conditions applicable to each outstanding restricted stock unit granted under the Stock Plans. (“Company RSU”), accelerated in full, and (B) each Company RSU was cancelled and entitled the holder of such Company RSU to receive (without interest), an amount in cash equal to (x) the number of Shares subject to such Company RSU immediately prior to the Effective Time multiplied by (y) the Offer Price, less applicable taxes required to be withheld with respect to such payment.
The aggregate consideration paid by Merger Sub in the Offer and Merger and the aggregate related fees and expenses totaled approximately $996 million, including the assumption of $400 million of net debt. URNA funded such amounts from cash on hand and available borrowing capacity under URNA’s existing senior secured asset-based revolving credit facility.
The foregoing summary description of the Merger Agreement and related transactions does not purport to be complete and is qualified in its entirety by reference to the terms of the Merger Agreement, which was filed as Exhibit 2.1 to the Current Report on Form 8-K filed by URI with the SEC on April 15, 2021, and is incorporated by reference into this Item 2.01.
Item 8.01. Other Events.
Redemption of Series B 8% Cumulative Preferred Stock
On May 25, 2021, immediately following the Merger, GFN gave notice of its intention to redeem all of its outstanding shares of its Series B 8% Cumulative Preferred Stock (the “Series B Preferred Stock”) (the “Series B Preferred Stock Redemption”). The Series B Preferred Stock Redemption is in accordance with the terms of the Certificate of Designation, Preferences and Rights of Series B 8% Cumulative Preferred Stock of General Finance Corporation, dated as of December 3, 2008 (the “Series B Preferred Stock Designation”). There are 50,000 aggregate number of Series B Preferred Stock, or $50,000,000 aggregate liquidation preference, currently outstanding. The redemption date for the Series B Preferred Stock is June 14, 2021 (the “Series B Redemption Date”). Under the terms of the Series B Preferred Stock, the redemption price will be $1,000.00 per share, plus all accrued but unpaid dividends for such Series B Preferred Stock.
Redemption of 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock
On May 25, 2021, immediately following the Merger, GFN gave notice of its intention to redeem all of its outstanding shares of its 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”) (the “Series C Preferred Stock Redemption”). The Series C Preferred Stock Redemption is in accordance with the terms of the Certificate of Designations, Preferences and Rights of 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock of General Finance Corporation, dated as of February 11, 2019 (the “Series C Preferred Stock Designation”). There are 400,000 aggregate number of Series C Preferred Stock, or $40,000,000 aggregate liquidation preference, currently outstanding. The redemption date for the Series C Preferred Stock is June 24, 2021 (the “Series C Redemption Date”). Under the terms of the Series C Preferred Stock, the redemption price will be $100.00 per share, plus all accrued but unpaid dividends for such Series C Preferred Stock to, but not including, the Series C Redemption Date.
Redemption of 7.875% Senior Securities Due 2025 and Satisfaction and Discharge of the Indenture
On May 25, 2021, immediately following the Merger, GFN gave notice of its intention to redeem all of its outstanding $69,000,000 aggregate principal amount 7.875% Senior Securities due 2025 (CUSIP Number 369822 804) (the “Notes”) on June 24, 2021 (the “Notes Redemption Date”), at a redemption price equal to (a) 100% of the aggregate principal amount of the Notes to be redeemed; and (b) the excess, if any, of (A) the present value at the Notes Redemption Date of: (i) the redemption price of Note on October 31, 2022 (104.50% of the principal amount but excluding accrued and unpaid interest to the Notes Redemption Date) plus (ii) all remaining scheduled interest payments due on the Notes through October 31, 2022 (but excluding accrued and unpaid interest to the Notes Redemption Date), discounted to the Notes Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points; over (B) the principal amount of the Notes on the Notes Redemption Date; plus, in either case of (a) or (b), accrued and unpaid interest, if any, to the Notes Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date), in accordance with the terms of the Indenture, dated as of June 18, 2014 (the “Base Indenture”), among GFN and Wells Fargo Bank, National Association (“Wells Fargo”), as trustee and the Third Supplemental Indenture, dated as of October 27, 2020 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among GFN, The Bank of New York Mellon Trust Company, N.A., as Series Trustee (the “Trustee”), and Wells Fargo, as Original Trustee.
GFN has instructed the Trustee to distribute a notice of redemption to all registered holders of the Notes on May 25, 2021. Copies of such Notice of Redemption and additional information relating to the procedure for redemption of the Notes may be obtained from the Trustee by calling 800-254-2826.
URNA has irrevocably deposited with the Trustee sufficient funds to fund the redemption of the Notes on the Notes Redemption Date. As a result, GFN has been released from its obligations under the Notes and the Indenture pursuant to the satisfaction and discharge provisions thereunder, effective as of May 25, 2021.
The notice of redemption does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Item 9.01. Financial Statements and Exhibits.
Exhibits (d).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 25, 2021
UNITED RENTALS, INC. | |||
By: | /s/ Craig A. Pintoff | ||
Name: | Craig A. Pintoff | ||
Title: | Executive Vice President – Chief Administrative Officer | ||
UNITED RENTALS (NORTH AMERICA), INC. | |||
By: | /s/ Craig A. Pintoff | ||
Name: | Craig A. Pintoff | ||
Title: | Executive Vice President – Chief Administrative Officer |
Exhibit 99.1
|
United Rentals, Inc. |
100 First Stamford Place | |
Suite 700 | |
Stamford, CT 06902 | |
Telephone: 203 622 3131 | |
Fax: 203 622 6080 |
United Rentals Completes the Acquisition of General Finance Corporation
STAMFORD, Conn. – May 25, 2021 — United Rentals, Inc. (NYSE: URI) (“United Rentals”) today announced that it has completed the previously announced acquisition of General Finance Corporation (NASDAQ: GFN) (“General Finance”).
Matthew Flannery, chief executive officer of United Rentals, said, “We’re delighted to welcome our new customers and team members to United Rentals. This is an acquisition with strong strategic and financial merits, timed to serve the increasing demand in our end markets. It expands our growth capacity with the addition of leading mobile storage and modular office solutions, including over 900 employees with complementary expertise. As customers turn to us for the equipment they need, we’re giving them the industry’s most complete range of solutions to help them succeed.”
The company plans to update its 2021 financial outlook to reflect the combined operations when it releases financial results for the second quarter in July.
The acquisition of General Finance was structured as a merger under Section 251(h) of the General Corporation Law of the State of Delaware, following the successful completion of the cash tender offer by UR Merger Sub VI Corporation, a Delaware corporation and wholly-owned subsidiary of United Rentals, to purchase all outstanding shares of common stock of General Finance for $19.00 per share net to the holder thereof in cash, without interest, less any applicable withholding of taxes.
As a result of the merger, all remaining shares of common stock of General Finance (other than those shares held by General Finance, United Rentals (North America), Inc., a Delaware corporation and a wholly owned subsidiary of United Rentals, or Merger Sub) were cancelled and converted into the right to receive $19.00 per share net to the holder thereof in cash, without interest, less any applicable withholding of taxes. Following the completion of the merger, all of the issued and outstanding shares of General Finance’s preferred stock will be redeemed in accordance with their terms, and General Finance’s common stock, Series C preferred stock and unsecured senior notes will be delisted from trading on the NASDAQ Global Select Market.
Sullivan & Cromwell LLP acted as United Rentals’ legal advisor in the transaction. Morrison and Foerster LLP acted as General Finance’s legal advisor and D.A. Davidson acted as its financial advisor.
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 1,156 rental locations in North America and 11 in Europe. In North America, the company operates in 49 states and every Canadian province. The company’s approximately 18,250 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 4,000 classes of equipment for rent with a total original cost of $13.49 billion. United Rentals is a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index and the Russell 3000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.
1
About General Finance Corporation
Headquartered in Pasadena, California, General Finance Corporation (NASDAQ: GFN) is a leading specialty rental services company offering portable storage, modular space and liquid containment solutions. General Finance’s North America operations consist of wholly-owned subsidiaries Pac-Van, Inc., a leading provider of portable storage and office containers, mobile offices and modular buildings; and Lone Star Tank Rental Inc., a provider of liquid storage tank containers. Additionally, General Finance has wholly-owned subsidiaries Royal Wolf, a leading lessor of portable storage solutions in Australia and New Zealand; and Southern Frac, LLC, a manufacturer of portable liquid storage tank containers in North America and, under the trade name Southern Fabrication Specialties, other steel products.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. Forward-looking statements involve significant risks and uncertainties that may cause actual results to differ materially from such forward-looking statements. These statements are based on current plans, estimates and projections, and, therefore, you should not place undue reliance on them. No forward-looking statement, including any such statement concerning the completion and anticipated benefits of the Offer, Merger or other transactions described in this press release (collectively, the “Transactions”), can be guaranteed, and actual results may differ materially from those projected. United Rentals undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the business and future financial results of the equipment rental industries, and other legal, regulatory and economic developments. We use words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe harbor provisions of the PSLRA. Actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including, but not limited to, those described in the SEC reports filed by United Rentals and General Finance, as well as the possibility that (1) problems may arise in successfully integrating the businesses of United Rentals and General Finance, including, without limitation, problems associated with the potential loss of any key employees of General Finance; (2) the Transactions may involve unexpected costs, including, without limitation, the exposure to any unrecorded liabilities or unidentified issues that we failed to discover during the due diligence investigation of General Finance or that are not covered by insurance, as well as potential unfavorable accounting treatment and unexpected increases in taxes; (3) our business may suffer as a result of uncertainty surrounding the Transactions, any adverse effects on our ability to maintain relationships with customers, employees and suppliers, or the inherent risk associated with entering a geographic area or line of business in which we have no or limited experience; and (4) the industry may be subject to future risks that are described in the “Risk Factors” section of the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC by United Rentals or General Finance. United Rentals gives no assurance that it will achieve its expectations and does not assume any responsibility for the accuracy and completeness of the forward-looking statements.
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the businesses of United Rentals and General Finance described in the “Risk Factors” section of the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC by United Rentals or General Finance. These forward-looking statements speak only as of the date hereof. United Rentals undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
# # #
2
Contact Information:
United Rentals, Inc.
Ted Grace
Office: | (203) 618-7122 |
Cell: | (203) 399-8951 |
Email: tgrace@ur.com
3
RHY_U=3_ 102P,$% @ Z%"Y M4I>*NQS $P( L !?3T\$MP>:4#M.*2VBZD8_1!2:5K5 MN %(MB6/: (7->=I3W; M+T]!;X"O.DQQ0FE(2S,.\,W2?S+W\PPU1>5*(Y5;&GC3Y?YVX$G1H2)8%II% MR=.B':5_'B4?'D78FYJD6:>IK&HP=MX1PT$G53$WHI"/J:Q8;!EK '$NW2:9;/4 M6PQFN1BUMIS> A(H!"DHV1%[A$O\G7 D(GP&LK\,S4-AB.G8RF2&]B]#V,YU#BG/]3(U45%K"FHO40 M9.B1P74&0ZRQB28)UD-N5G0&[O+H YMRR"9JZJ8IGJ,.>%,.]D9/)508H'Q3 MF:B\]E-L.>F.7F=Z_S!YU!Y:YU;*O8=7LN48Y0]02P,$% @ Z%"Y M4B0>FZ*M ^ $ !H !X;"]? +7_OR4Z? M:!1W;J"V\R1&:P;*9,OL[P"D6[2*+L[C,$]J%ZSB688&O-*]:A"2*+I!V#-D MGNZ9HIP\_D-T==UI?#C]LCCP#S"\7>BI160I2A4:Y$S":+8VP5+BRTR6HJ@R M&8HJEG!:(.+)(&UI5GVP3TZTYWD7-_=%KLWC":[?#'!X=/X!4$L#!!0 ( M .A0N5)ED'F2&0$ ,\# 3 6T-O;G1E;G1?5'EP97-=+GAM;*V334[# M,!"%KQ)E6R4N+%B@IAM@"UUP 6-/&JO^DV=:TMLS3MI*H!(5A4VL>-Z\SYZ7 MK-Z/$;#HG?78E!U1?!0"50=.8ATB>*ZT(3E)_)JV(DJUDUL0]\OE@U#!$WBJ M*'N4Z]4SM')OJ7CI>1M-\$V9P&)9/(W"S&I*&:,U2A+7Q<'K'Y3J1*BY<]!@ M9R(N6%"*JX1<^1UPZGL[0$I&0[&1B5ZE8Y7HK4 Z6L!ZVN+*&4/;&@4ZJ+WC MEAIC JFQ R!GZ]%T,4TFGC",S[O9_,%F"LC*30H1.;$$?\>=(\G=560C2&2F MKW@ALO7L^T%.6X.^D &PO M=&AE;64O=&AE;64Q+GAM;%!+ 0(4 Q0 ( .A0N5)V4B8(6@4 (\9 8 M " @0T( !X;"]W;W)K &PO M &PO7W)E M;',O=V]R:V)O;VLN>&UL+G)E;'-02P$"% ,4 " #H4+E299!YDAD! #/ M P $P @ &G$P 6T-O;G1E;G1?5'EP97-=+GAM;%!+!08 1 "0 ) #X" #Q% ! end
+Q*)L9R*3+079MQ)5"EA>F(MHLW(3-W
M"*P_<) ,U8['I@G390O(O-UU)MO3'%C;]6=H7[4@ZS29X&)^TS6U!M0! R]2
ML.STIO_75E*R1
MC.SGC=%F<32'\;PACMUB]0Q%S\$B,MAP_IUG'*W!9FT79+)A,I\9.C# H:6,
M14&VK/-S/--7UW$"0/4,OST&WS$/O_'2:EXCRL^'!6>.QW 6'')DNCI6P '^
M=7G45IM9%W<;-WLEJDO<6;T:?T8D^=3QC"]E;)Y@XNZW7+1=ZH0*3P3X'(
M.RD0\3+?%9;Y/O=O!VMHCP2_(.*4QMM&C!1(
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M&\@L##>C0&5N"@L]4[+ !WFIA3YE97C=H-PQ'/X$4$L#!!0 ( .A0N5(R
MHN9>NP@ $IH 4 =7)I+3(P,C$P-3(U7V1E9BYX;6S575M3XS84?N],
M_X.;/H=<*.TN7=IA ^QDE@5*V.WEA5%L)=$@2XPL0_+O*_D2?-%Q'&:Q+1X@
ML<^1OO-]LJ1C2^;#GVN?.D]8!(2SD][H8-AS,'.Y1]CRI/=UUC^=3:;3GA-(
MQ#Q$.<,G/<9[?_[QXP^.^OGP4[_O7!!,O6/GC+O]*5OPWYTKY.-CYQ-F6"#)
MQ>_.-T1#?81?$(J%,^'^(\42JQ-QQ.T<$[Y/3[-8K]AIG'Q=?;Z;;8E92/
MQX/!\_/S >-/Z)F+A^# Y7Z]\F82R3#8%C9<#Y.?V/T#)>SA6/^:HP [BBT6
M'*\#
,9I0LT76<-GP'-D4$L! A0#% @ Z%"Y4C*BYEZ[" 2F@ !0
M ( !F3D '5R:2TR,#(Q,#4R-5]D968N>&UL4$L! A0#% @ Z%"Y4C;I
M43'K"P (Y !0 ( !AD( '5R:2TR,#(Q,#4R-5]L86(N
M>&UL4$L! A0#% @ Z%"Y4CM>E6SW!P '6, !0 ( !
MHTX '5R:2TR,#(Q,#4R-5]P