The Hertz Corporation Announces Early Receipt of Consents
PARK RIDGE, N.J., Oct. 28, 2005 -- The Hertz Corporation ("Hertz") announced on October 17, 2005 that it had commenced tender offers (the "Offers") to purchase for cash any and all of the following outstanding notes described in the table below (the "Notes") and consent solicitations (the "Solicitations") for certain proposed amendments to the indentures pursuant to which the Notes were issued.
Aggregate Outstanding
CUSIP/ISIN Number Principal Amount Title of Security
428040BM0/US428040BM08 $250,000,000 6.50% Senior Notes
due May 15, 2006
428040BT5/US428040BT50 $500,000,000 4.7% Senior Notes
due October 2, 2006
428040BF5/US428040BF56 $ 6,859,000 6.30% Senior Notes
due November 15, 2006
428040BN8/US428040BN80 $500,000,000 7-5/8% Senior Notes
due August 15, 2007
428040BK4/US428040BK42 $200,000,000 6-5/8% Senior Notes
due May 15, 2008
428040BL2/US428040BL25 $300,000,000 6-1/4% Senior Notes
due March 15, 2009
428040AP4/US428040AP48 $ 99,998,000 9% Senior Notes
due November 1, 2009
428040BV0/US428040BV07 $250,000,000 Floating Rate Notes
due August 5, 2008
428040BU2/US428040BU24 $600,000,000 6.350% Senior Notes
due June 15, 2010
428040BQ1/US428040BQ12 $500,000,000 7.40% Senior Notes
due March 1, 2011
428040BS7/US428040BS77 $800,000,000 7-5/8% Senior Notes
due June 1, 2012
428040BW8/US428040BW89 $250,000,000 6.9% Notes
due August 15, 2014
428040BJ7/US428040BJ78 $250,000,000 7% Senior Notes
due January 15, 2028
Hertz announced today that as of 5:00 p.m. on Thursday, October 27, 2005, it had received early consents from holders of at least a majority of the following series of Notes:
Aggregate Outstanding
CUSIP/ISIN Number Principal Amount Title of Security
428040BT5/US428040BT50 $500,000,000 4.7% Senior Notes
due October 2, 2006
428040BK4/US428040BK42 $200,000,000 6-5/8% Senior Notes
due May 15, 2008
428040AP4/US428040AP48 $ 99,998,000 9% Senior Notes
due November 1, 2009
428040BV0/US428040BV07 $250,000,000 Floating Rate Notes
due August 5, 2008
428040BQ1/US428040BQ12 $500,000,000 7.40% Senior Notes
due March 1, 2011
428040BJ7/US428040BJ78 $250,000,000 7% Senior Notes
due January 15, 2028
As a result of the receipt of these early consents, tendered Notes of the above series may not be withdrawn and consents may no longer be revoked with respect to the Notes of these series, except in limited circumstances.
The Early Consent Date for the Offers and the Solicitations is today, Friday, October 28, 2005 (unless such date is extended or earlier terminated). Consequently, any holders of Notes who tender their Notes and deliver their consents by 5:00 p.m., New York City time, on Friday, October 28, 2005 (unless such date is extended or earlier terminated) will still be eligible to receive the Total Consideration set forth in the Offers to Purchase and Consent Solicitation Statement, dated October 17, 2005, as amended by the Supplement, dated October 21, 2005 (as so amended, the "Statement"). Holders of Notes who tender their notes after 5:00 p.m., New York City time on October 28, 2005, but before 8:00 a.m., New York City time on November 15, 2005, unless such date is extended or earlier terminated, will be eligible to receive only the Tender Offer Consideration set forth in the Statement. Holders who tender Notes must also deliver consents to the proposed amendments with respect to the series of such Notes and with respect to the indenture which governs such Notes. Holders may not deliver consents without also tendering their Notes and holders who validly tender their Notes will be deemed by such tender to have delivered their consents.
Subject to applicable securities law, Hertz reserves the right to waive any and all conditions to any or all of the Offers and Solicitations or extend, terminate or otherwise amend the Offers and/or Solicitations. The Offers and Solicitations are subject to the consummation of the sale of Hertz by Ford Holdings LLC to CCMG Holdings, Inc., or a wholly-owned subsidiary thereof (the "Sale Transaction"), which itself is subject to certain conditions. In connection with the Sale Transaction, Hertz and/or its subsidiary Hertz Finance Centre plc are offering to purchase the outstanding EUR 200,000,000 Floating Rate Notes due July 2007 of Hertz Finance Centre plc pursuant to a concurrent tender offer.
Citigroup Corporate and Investment Banking, Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc. and Lehman Brothers Inc. are serving as dealer managers and solicitation agents for the Offers and Solicitations; Global Bondholder Services Corporation is serving as information agent and depositary and Deutsche Bank Luxembourg S.A. is serving as Luxembourg tender agent. Questions may be directed to Citigroup Corporate and Investment Banking at (800) 558-3745; Deutsche Bank Securities Inc. at (866) 627-0391; Goldman, Sachs & Co. at (800) 828-3182; J.P. Morgan Securities Inc. at (866) 834-6666; and Lehman Brothers Inc. at (800) 438-3242. Requests for documents may be directed to Global Bondholder Services Corporation at (866) 387-1500 or in writing at 65 Broadway - Suite 704, New York, NY 10006, Attention: Corporate Actions.
About The Hertz Corporation
The Hertz Corporation operates the largest general use car rental business in the world and one of the largest industrial, construction and material handling equipment rental businesses in North America, based on revenues.
Forward-Looking Statements
This news release contains "forward-looking statements." These statements include those that refer to Hertz's expectations about the Sale Transaction. Although Hertz believes its expectations are based on reasonable assumptions, it cannot assure the expectations reflected herein will be achieved. The risks, uncertainties, and assumptions include the possibility that Hertz will be unable to fully realize the benefits anticipated from the Sale Transaction; the possibility that the Sale Transaction may not close including as a result of failure of Hertz to obtain the necessary regulatory approvals and other risks that are described from time to time in the Securities and Exchange Commission (SEC) reports of The Hertz Corporation. Other factors and risks affecting Hertz are contained in Hertz's Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2004, and Current Reports on Form 8-K, dated June 15, 2005 and October 17, 2005, filed with the SEC and available on the SEC's website at http://www.sec.gov/. Hertz undertakes no obligation to subsequently update or revise the forward-looking statements made in this news release to reflect events or circumstances after the date of this news release.
This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes in any state or other jurisdiction in which such offer or solicitation would be unlawful prior to registration or qualification under the securities law of any such state or other jurisdiction. The Offers and Solicitations are only made pursuant to Statement and the related Consent and Letter of Transmittal.
The Offers do not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. In any jurisdiction in which the Offers are required to be made by a licensed broker or dealer and in which the dealer managers, or any affiliates thereof, are so licensed, such Offers shall be deemed to have been made by such dealer managers, or such affiliates, on behalf of The Hertz Corporation.
The Offers are not being made in the Republic of Italy. The Offers and the Statement relating thereto have not been submitted to the clearance procedure of the Commissione Nazionale per le Societa e la Borsa (CONSOB) pursuant to Italian laws and regulations. Holders of Notes are hereby notified that, to the extent such Holders of Notes are Italian residents and/or persons located in the Republic of Italy, the Offers are not available to them and they may not submit for tender Notes in the Offers. Any acceptance received from such persons shall be ineffective and void, and neither the Offers made by the Statement nor any other offering material relating to the Offers or the Notes may be distributed or made available in the Republic of Italy. In order to ascertain whether a person is located in the Republic of Italy, the applicable laws and regulations governing tender offers in the Republic of Italy shall apply.
The Offers are not being made to, and tenders of Notes will not be accepted from, or on behalf of, holders of Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities or blue sky laws. There are restrictions on the availability of the Offers in the United Kingdom, France and Belgium as more fully set out in the Statement.