Hertz Global Holdings Announces Proposed $250 Million Private Offering of Senior Notes by The Hertz Corporation
PARK RIDGE, NJ--March 14, 2013: Hertz Global Holdings, Inc. (the "Company") announced today that its wholly-owned subsidiary, The Hertz Corporation ("Hertz"), intends to offer $250 million aggregate principal amount of senior notes (the "Notes") in a private offering (the "Offering") exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), subject to market and other conditions.
The Notes will pay interest semi-annually in arrears. The Notes are expected to be guaranteed on a senior unsecured basis by the domestic subsidiaries of Hertz that guarantee its senior credit facilities from time to time.
Hertz intends to use the net proceeds from the issuance of the Notes to replenish a portion of its liquidity after having dividended approximately $467.2 million in available liquidity to the Company, which the Company used to repurchase approximately 23 million of the approximately 60 million shares of the Company's common stock sold in an offering by certain of the Company's stockholders on March 12, 2013.