J.P. Morgan, Banc of America Securities and Credit Suisse First Boston are leading the repricing and refinancing of United Rentals' $1.55 billion credit facility. Pricing on the facility is being cut from LIBOR plus 3% to LIBOR plus 21/4%. The loan comprises a $650 million revolver, $750 million "B" loan and $150 million synthetic letter of credit facility. The revolver matures in 2009 and carries a 50 basis point commitment fee. The term loan and letter of credit facility mature in 2011. Citibank is co-documentation agent with CSFB. The deal launched last Wednesday. United Rentals officials could not be reached by press time.
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