Hertz Global announces it intends to offer $1 billion aggregate principal amount of senior second priority secured notes (9.42 -0.06)Co intends to offer $1 billion aggregate principal amount of senior second priority secured notes, subject to market and other conditions, in a private offering.
- The Notes will pay interest semi-annually in arrears. The Notes are expected to be guaranteed on a senior second priority secured basis by the domestic subsidiaries of Hertz that guarantee its senior credit facilities from time to time.
- Hertz intends to use a portion of the net proceeds from the issuance of the Notes, together with available cash, to redeem in full all of its outstanding $250.0 million aggregate principal amount of 4.25% Senior Notes due 2018 and $450.0 million aggregate principal amount of 6.75% Senior Notes due 2019. Hertz intends to use the remaining net proceeds from the issuance of the Notes, together with available cash, to refinance certain of its other existing indebtedness in one or more transactions following the consummation of the Offering, which may include repayments of outstanding borrowings and/or commitment reductions with respect to its senior credit facilities and/or repurchases, redemptions or retirements of certain of its other senior notes.
