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Hertz Announces Completion of $425 Million Exchangeable Senior Notes Offering
Involvement of Pershing Square Capital Management L.P. affirms confidence in Company’s turnaround strategy ESTERO, Fla.--(BUSINESS WIRE)-- Hertz Global
About this update from Hertz Global Holdings, Inc
[{"type":"text","content":"\nInvolvement of Pershing Square Capital Management L.P. affirms confidence in Company’s turnaround strategy\n\n\n ESTERO, Fla.--(BUSINESS WIRE)--\nHertz 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 $425 million aggregate principal amount of its 5.500% Exchangeable Senior Notes due 2030 (the “Notes”), which includes the exercise in full of the initial purchasers’ option to purchase up to an additional $50 million principal amount of the Notes.\n\n\nWith the completion of this offering, the Company has further strengthened its financial position with the support of notable investors, including Pershing Square, to further its ongoing corporate transformation.\n\n\n“The decision by Pershing Square and other key Hertz investors to increase their long economic exposure to the company, combined with the oversubscription of this offering, underscores the strong confidence in our company,\" said Scott Haralson, Chief Financial Officer at Hertz. “As we transform our business, the substantial investment from existing and new investors demonstrates their shared belief that our strategy and disciplined execution have positioned the company for future success.”\n\n\nFor additional details, please refer to the Company’s Form 8-K filing with the U.S. Securities and Exchange Commission.\n\n\nABOUT HERTZ\n\n\nHertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands with more than 11,000 rental locations in 160 countries around the globe, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in Europe.\n\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\n\nThis press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments...