Hertz Corporation to Sell $500 Million Private Offering of Senior Notes

PARK RIDGE, NJ - Hertz Global Holdings announced that its wholly-owned subsidiary, The Hertz Corporation, had entered into an agreement to sell $500 million aggregate principal amount of 6.75% Senior Notes due 2019 in a private offering exempt from the 1933 Securities Act registration requirements, according to a recent press release.

 

The Notes will yield 6.69% and are expected to constitute a further issuance of, will be fungible with and will be consolidated and form a single series with the $500 million aggregate principal amount of 6.75% Senior Notes due 2019 issued by Hertz on February 8, 2011.

 

The closing of the offering is expected to occur on or about March 21, 2011. The notes will pay interest semi-annually in arrears and will be guaranteed on a senior unsecured basis by the domestic subsidiaries of Hertz that guarantee its senior credit facilities.

 

Hertz intends to use all of the net proceeds from the issuance of the Notes to redeem a portion of its outstanding 8.875% Senior Notes due 2014.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

The Customer Isn’t Always Right

Not caving to a customer with a blatant agenda may have consequences, especially for a small rental company that relies on stellar Yelp ratings to advertise. But business integrity must prevail.

The Truth Behind Compact Van Depreciation

Why are large van values holding up better than their compact counterparts, and will it last?

Car Rental’s Call to Action on Autonomous Vehicles

The car rental industry has built-in advantages to support a world with driverless cars, but it needs to take the next step in partnering with autonomous vehicle stakeholders.

Job Finder: Access Top Talent. Fill Key Positions.