Hertz Upsizes $350M Notes Offering

Hertz Global Holdings, Inc., through its indirect subsidiary Hertz Global Holdings, announced and completed an offering of $350 million aggregate principal amount of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030. The offering size was upsized from a previously announced $300 million, reflecting strong investor interest. The net proceeds, estimated at approximately $339.5 million, will be used to repay outstanding borrowings under its revolving credit facility and for general corporate purposes. This strategic financial move aims to strengthen Hertz Global Holdings, Inc.'s liquidity and financial flexibility, especially heading into its peak season, as highlighted by CFO Scott Haralson. The notes are exchangeable into cash, shares of Hertz Global Holdings, Inc.'s common stock, or a combination thereof, at Hertz Global Holdings's election, with a cap on common stock issuance unless approved by shareholders.