Hertz Announces Commencement of Cash Tender Offer to Purchase All of Its Outstanding Series A Preferred Stock and Consent Solicitation

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[{"type":"text","content":"ESTERO, Fla., Nov. 23, 2021 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (\"Hertz\" or the \"Company\") announced that it is commencing today a tender offer to purchase all of its outstanding Series A Preferred Stock, par value $0.01 per share (the \"Series A Preferred Shares\"), at a price per Series A Preferred Share of $1,250.00, less any applicable withholding taxes. The tender offer will expire at midnight (at the end of the day), Eastern Standard Time, on Tuesday, December 21, 2021, unless the offer is extended. Tenders of Series A Preferred Shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration time, in each case, in accordance with the procedures described in the tender offer materials. The Company intends to pay for the shares repurchased in the tender offer with available cash, including proceeds from an offering of senior notes completed by the Company on November 23, 2021.\nStockholders whose Series A Preferred Shares are purchased in the tender offer will be paid $1,250.00 in cash, less any applicable withholding taxes, for each share after the expiration of the tender offer. As of November 23, 2021, there were 1,500,000 Series A Preferred Shares outstanding.\nConcurrently with the tender offer, the Company is also soliciting consents from holders of the Series A Preferred Shares to amend (the \"Proposed Amendment\") the certificate of designation of the Series A Preferred Shares (as amended to date, the \"Certificate of Designation\") from and after the effective date of the Proposed Amendment to eliminate Section 8(b)(viii) of the Certificate of Designation. Section 8(b)(viii) of the Certificate of Designation currently provides that, without the affirmative vote or consent of holders of a majority of the Series A Preferred Shares outstanding at such time, we cannot make certain Restricted Payments (as defined in the Certificate of Designation) and certain of our Unrestricted Subsidiaries (as defined in the Certificate of Designation) cannot make certain payments in respect of Junior Stock (as defined in the Certificate of Designation), including any purchase thereof or acquisition thereof for value.\nPursuant to the terms of the Certificate of Designation, the consent of holders of a majority of the outstanding Series A Preferred Share...

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