Hertz Global Holdings announced that its subsidiary, The Hertz Corporation, intends to offer $300 million in exchangeable senior notes due 2030. Concurrently, Hertz announced a proposed registered offering of $100 million of its common stock through a share lending agreement to facilitate hedging activities for investors in the notes offering.
Key Details
- Debt Offering: The Hertz Corporation plans to offer $300 million of Exchangeable Senior First-Lien Secured PIK Notes due 2030 in a private placement, with an option for initial purchasers to acquire an additional $45 million.
- Use of Proceeds: Net proceeds from the notes offering will be used for general corporate purposes, which may include the repayment of outstanding indebtedness.
- Equity Offering: Hertz will lend shares of its common stock valued at $100 million to an underwriter. The company will not receive proceeds from the sale of these shares, which are intended to help note investors hedge their investments.