Hertz Announces Completion of $350 Million of Exchangeable Senior First-Lien Secured PIK Notes
Successful offering highlights continued confidence in strategy and execution
Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”), has completed an offering of $350 million aggregate principal amount of its 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030 (the “Exchangeable Notes”). The initial purchasers of the Exchangeable Notes have the option to purchase up to an additional $50 million aggregate principal amount of the Exchangeable Notes for settlement within a period of 13 calendar days from, and including, the date the Exchangeable Notes are first issued.
With the completion of this offering, the Company has further strengthened its position by enhancing its liquidity, providing greater financial flexibility to support its ongoing corporate transformation.
“As we continue to transform and grow Hertz, this offering enhances our financial flexibility heading into our peak season,” said Scott Haralson, Chief Financial Officer at Hertz. “We are pleased with the investor interest in the offering, which reflects confidence in our strategy and our ability to execute. We remain focused on disciplined capital management and further strengthening of our balance sheet.”
