ESTERO, Fla., March 9, 2018 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NYSE: HTZ) (the "Company") today announced that its
indirect wholly-owned subsidiary Hertz Holdings Netherlands B.V., a
private company with limited liability incorporated under the laws
of the Netherlands (the "Issuer"),
has entered into an agreement to sell €500 million aggregate
principal amount of its 5.50% senior notes due 2023 (the "Notes")
in a private offering (the "Offering") exempt from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act"). The Offering is expected to close on
or about March 23, 2018, subject to
customary closing conditions.
The Notes will pay interest semi-annually in arrear. The Notes
will be guaranteed on a senior unsecured basis by the Company's
wholly-owned subsidiary, The Hertz Corporation ("Hertz"), the
domestic subsidiaries of Hertz that guarantee its senior credit
facilities from time to time, and certain foreign subsidiaries of
Hertz that guarantee its European revolving credit facility from
time to time.
The Issuer intends to use the net proceeds from the issuance of
the Notes to redeem all of its outstanding 4.375% Senior Notes due
2019 (the "2019 Notes") and to use any additional proceeds to repay
borrowings under its European Revolving Credit Facility.
On March 5, 2018, the Issuer
provided a notice of conditional full redemption of all of its
outstanding 2019 Notes, which redemption is subject only to the
consummation of the Offering yielding net proceeds that are
sufficient to fund all amounts due in respect of the outstanding
2019 Notes.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the Notes (and the
guarantees of the Notes) or any other securities, nor will there be
any sale of the Notes (or any guarantees of the Notes) or any other
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction. The Notes (and the guarantees of the Notes) will be
issued in reliance on the exemption from the registration
requirements provided by Rule 144A under the Securities Act and,
outside of the United States, only
to non-U.S. investors pursuant to Regulation S under the Securities
Act. None of the Notes and such guarantees have been registered
under the Securities Act or any state or other jurisdiction's
securities laws, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state and other jurisdiction's
securities laws. This press release does not constitute a notice of
redemption under the indenture governing the 2019 Notes nor an
offer to tender for, or purchase, any 2019 Notes or any other
security.
ABOUT HERTZ
The Hertz Corporation, a subsidiary of Hertz Global Holdings,
Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands
in approximately 10,200 corporate and franchisee locations
throughout North America,
Europe, The Caribbean, Latin
America, Africa, the
Middle East, Asia, Australia and New
Zealand. The Hertz Corporation is one of the largest
worldwide airport general use vehicle rental companies, and the
Hertz brand is one of the most recognized in the world. Product and
service initiatives such as Hertz Gold Plus Rewards, Ultimate
Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered
through the Adrenaline, Dream, Green and Prestige Collections set
Hertz apart from the competition. Additionally, The Hertz
Corporation owns the vehicle leasing and fleet management leader
Donlen, operates the Firefly vehicle rental brand and Hertz 24/7
car sharing business in international markets and sells vehicles
through Hertz Car Sales.
Manufacturer target market (MiFID II product governance) is
eligible counterparties and professional clients only (all
distribution channels). No PRIIPs key information document (KID)
has been prepared as not available to retail in EEA.
CAUTIONARY NOTE CONCERNING FORWARD LOOKING STATEMENTS
Certain statements contained in this release, and in related
comments by the Company's management, include "forward-looking
statements." Forward-looking statements include information
concerning the Company's liquidity and its possible or assumed
future results of operations, including descriptions of its
business strategies. These statements often include words such as
"believe," "expect," "project," "potential," "anticipate,"
"intend," "plan," "estimate," "seek," "will," "may," "would,"
"should," "could," "forecasts" or similar expressions. These
statements are based on certain assumptions that the Company has
made in light of its experience in the industry as well as its
perceptions of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in these circumstances. The Company believes these judgments are
reasonable, but you should understand that these statements are not
guarantees of performance or results, and the Company's actual
results could differ materially from those expressed in the
forward-looking statements due to a variety of important factors,
both positive and negative, that may be revised or supplemented in
subsequent reports on Forms 10-K, 10-Q and 8-K filed with the
Securities and Exchange Commission ("SEC"). Among other items, such
factors could include: any claims, investigations or proceedings
arising as a result of the restatement in 2015 of the Company's
previously issued financial results; the Company's ability to
remediate the material weaknesses in its internal controls over
financial reporting; levels of travel demand, particularly with
respect to airline passenger traffic in the United States and in global markets; the
effect of the Company's separation of its vehicle and equipment
rental businesses, any failure by Herc Holdings Inc. to comply with
the agreements entered into in connection with the separation and
the Company's ability to obtain the expected benefits of the
separation; significant changes in the competitive environment and
the effect of competition in the Company's markets on rental volume
and pricing, including on the Company's pricing policies or use of
incentives; occurrences that disrupt rental activity during the
Company's peak periods; increased vehicle costs due to declines in
the value of the Company's non-program vehicles; the Company's
ability to purchase adequate supplies of competitively priced
vehicles and risks relating to increases in the cost of the
vehicles it purchases; the Company's ability to accurately estimate
future levels of rental activity and adjust the number and mix of
vehicles used in its rental operations accordingly; the Company's
ability to maintain sufficient liquidity and the availability to it
of additional or continued sources of financing for its revenue
earning vehicles and to refinance its existing indebtedness; the
Company's ability to adequately respond to changes in technology
and customer demands; the Company's access to third-party
distribution channels and related prices, commission structures and
transaction volumes; an increase in the Company's vehicle costs or
disruption to its rental activity, particularly during its peak
periods, due to safety recalls by the manufacturers of its
vehicles; a major disruption in the Company's communication or
centralized information networks; financial instability of the
manufacturers of the Company's vehicles; any impact on the Company
from the actions of its franchisees, dealers and independent
contractors; the Company's ability to sustain operations during
adverse economic cycles and unfavorable external events (including
war, terrorist acts, natural disasters and epidemic disease);
shortages of fuel and increases or volatility in fuel costs; the
Company's ability to successfully integrate acquisitions and
complete dispositions; the Company's ability to maintain favorable
brand recognition and a coordinated and comprehensive branding and
portfolio strategy; costs and risks associated with litigation and
investigations; risks related to the Company's indebtedness,
including its substantial amount of debt, its ability to incur
substantially more debt, the fact that substantially all of its
consolidated assets secure certain of its outstanding indebtedness
and increases in interest rates or in its borrowing margins; the
Company's ability to meet the financial and other covenants
contained in its Senior Facilities and the Letter of Credit
Facility, its outstanding unsecured Senior Notes, its outstanding
Senior Second Priority Secured Notes and certain asset-backed and
asset-based arrangements; changes in accounting principles, or
their application or interpretation, and the Company's ability to
make accurate estimates and the assumptions underlying the
estimates, which could have an effect on operating results; risks
associated with operating in many different countries, including
the risk of a violation or alleged violation of applicable
anticorruption or antibribery laws and the Company's ability to
repatriate cash from non-U.S. affiliates without adverse tax
consequences; the Company's ability to prevent the misuse or theft
of information it possesses, including as a result of cyber
security breaches and other security threats; the Company's ability
to successfully implement its information technology and finance
transformation programs; changes in the existing, or the adoption
of new laws, regulations, policies or other activities of
governments, agencies and similar organizations, such as the Tax
Cuts and Jobs Act, where such actions may affect the Company's
operations, the cost thereof or applicable tax rates; changes to
the Company's senior management team and the dependence of its
business operations on its senior management team; the effect of
tangible and intangible asset impairment charges; the Company's
exposure to uninsured claims in excess of historical levels;
fluctuations in interest rates and commodity prices; the Company's
exposure to fluctuations in foreign currency exchange rates and
other risks and uncertainties described from time to time in
periodic and current reports that the Company files with the
SEC.
Additional information concerning these and other factors can be
found in the Company's filings with the SEC, including its Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
You should not place undue reliance on forward-looking
statements. All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in
their entirety by the foregoing cautionary statements. All such
statements speak only as of the date made, and the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Hertz Global Holdings, Inc.