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.

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