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Hertz Announces $250 Million Exchangeable Senior Notes Offering
The Exchangeable Senior Notes will be Issued by The Hertz Corporation ESTERO, Fla.--(BUSINESS WIRE)-- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the
About this update from Hertz Global Holdings, Inc
[{"type":"text","content":"\nThe Exchangeable Senior Notes will be Issued by The Hertz Corporation\n\n\n ESTERO, Fla.--(BUSINESS WIRE)--\nHertz Global Holdings, Inc. (NASDAQ: HTZ) (the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”), intends to offer, subject to market and other conditions, $250 million in aggregate principal amount of Exchangeable Senior Notes due 2030 (the “Notes”), in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Hertz Corp. also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $37.5 million in aggregate principal amount of the Notes.\n\n\nHertz Corp. intends to use a portion of the net proceeds from the issuance of the Notes to fund the cost of entering into the capped call transactions described below. Hertz Corp. intends to use the remainder of the net proceeds from the issuance of the Notes to fund the partial redemption or repurchase of its outstanding Senior Notes due 2026 on or before December 31, 2025. If the initial purchasers exercise their option to purchase additional Notes, then Hertz Corp. intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions and apply the remainder towards the partial redemption or repurchase of the Senior Notes due 2026.\n\n\nThe Notes will bear interest payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The interest rate, the exchange rate and certain other terms of the Notes will be determined by negotiations between Hertz Corp. and the initial purchasers. The Notes will mature on October 1, 2030, unless repurchased, redeemed or exchanged in accordance with their terms prior to maturity. Prior to July 1, 2030, the Notes will be exchangeable only upon satisfaction of certain conditions and during certain periods, and thereafter, the Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will be exchangeable on the terms set forth in the indenture governing the Notes ...