Hertz Announces Proposed $1.5 Billion Private Offering of Senior Notes by The Hertz Corporation

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[{"type":"text","content":"ESTERO, Fla., Nov. 17, 2021 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (\"Hertz\" or the \"Company\") today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (\"Hertz Corp.\"), intends to offer $1.5 billion aggregate principal amount of senior unsecured notes due 2026 (the \"2026 Notes\") and senior unsecured notes due 2029 (the \"2029 Notes\" and, together with the 2026 Notes, the \"Notes\"), subject to market and other conditions, in a private offering (the \"Offering\") exempt from the registration requirements of the Securities Act of 1933, as amended (the \"Securities Act\").\nThe Notes will pay interest semi-annually in arrears. The Notes are expected to be guaranteed on a senior unsecured basis by the domestic subsidiaries of Hertz Corp. that guarantee its first lien facilities from time to time.\nHertz Corp. intends to use the proceeds from the issuance of the Notes, together with available cash, to (i) repurchase all or a portion of the outstanding shares of Hertz's Series A preferred stock and pay fees and expenses in connection therewith (either directly or indirectly by funding a dividend to Hertz) and (ii) pay fees and expenses in connection with the Offering. To the extent that the net proceeds from the Offering are in excess of the amounts required for the purposes described above, Hertz Corp. may elect to retain up to $250 million of such remaining net proceeds for general corporate purposes (the \"GCP Cap\"). To the extent that the remaining net proceeds exceed the GCP Cap (such amount in excess thereof, the \"Excess Net Proceeds\"), Hertz Corp. will be required to apply such Excess Net Proceeds (plus, at Hertz Corp.'s option, all or any portion of the GCP Cap) to redeem a portion of the Notes.\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes (or the guarantees of the Notes) or any other securities, nor will there be any sale of the Notes (or any guarantees of the Notes) or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The Notes (and the guarantees of the Notes) will be issued in reliance on the exemption from the registration requiremen...

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