Hertz Global Prices Private Placement of $350 Million Senior Notes

MT Newswires Live06-25

Hertz Global (HTZ) has priced a private placement of $350 million of its 6.75% exchangeable senior first-lien secured, payment in kind notes, due 2030, the company said Thursday.

The exchange rate will initially be 279.5248 shares per $1,000 principal amount of notes, equivalent to an initial exchange price of about $3.58 per share.

Underwriters have been granted a 13-day option to purchase up to another $50 million of the notes.

Net proceeds from the offering, set to close around Monday, are estimated to be approximately $339.5 million, or about $388 million if the overallotment option is fully exercised.

Conccurent with the private placement, Hertz Global also priced a separate registered public offering of about 37 million common shares at $2.70 apiece.

Such shares will be loaned by Hertz to a financial institution acting as an underwriter in the offering.

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