EFTA Document EFTA01378344

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. High Yield United Rentals Inc. (URI) Updated: September 8, 2015 Trade Idea: o Buy United Rentals 5.75% senior unsecured notes due 2024 Investment Rationale: o Largest North American construction and industrial equipment rental company. Solid 50% EBITDA margin business with a current healthy 66% overall equipment utilization rate. o URI has provided full year 2015 guidance for free cash flow of $725MM to $75