Hertz Global Holdings announced that its wholly owned indirect subsidiary, The Hertz Corporation, has completed an offering of $350 million aggregate principal amount of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030.
The initial purchasers of the exchangeable notes have the option to purchase up to an additional $50 million aggregate principal amount of the notes for settlement within 13 calendar days from and including the date the notes are first issued.
Hertz said the completed offering strengthens the company’s position by enhancing liquidity and providing greater financial flexibility to support its ongoing corporate transformation.
The company also said the successful offering reflects continued investor confidence in its strategy and execution as Hertz heads into its peak season.
Hertz Global Holdings is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands.
The company has more than 11,000 rental locations across 160 countries. Hertz also operates the Hertz Car Sales brand, which sells used cars online and at locations across the United States, along with the Hertz 24/7 car-sharing business in Europe.
KEY QUOTE:
“As we continue to transform and grow Hertz, this offering enhances our financial flexibility heading into our peak season. We are pleased with the investor interest in the offering, which reflects confidence in our strategy and our ability to execute. We remain focused on disciplined capital management and further strengthening of our balance sheet.”
Scott Haralson, Chief Financial Officer at Hertz
