ESTERO, Fla., Nov. 17, 2021 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NASDAQ: HTZ) ("Hertz" or the "Company") today
announced that its wholly-owned indirect subsidiary, The Hertz
Corporation ("Hertz Corp."), has entered into an agreement to sell
$500 million aggregate principal amount of 4.625% Senior Notes
due 2026 (the "2026 Notes") and $1.0 billion aggregate principal
amount of 5.000% Senior Notes due 2029 (the "2029 Notes" and,
together with the 2026 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"). The
Offering is expected to close on or about November 23, 2021,
subject to customary closing 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 Corp. that guarantee its first lien
facilities from time to time.
Hertz Corp. intends to use the proceeds from the issuance of the
Notes, together with available cash, to (i) repurchase all or
a portion of the outstanding shares of Hertz's Series A preferred
stock and pay fees and expenses in connection therewith (either
directly or indirectly by funding a dividend to Hertz) and (ii) pay
fees and expenses in connection with the Offering. To the extent
that the net proceeds from the Offering are in excess of the
amounts required for the purposes described above, Hertz Corp. may
elect to retain up to $250 million of
such remaining net proceeds for general corporate purposes (the
"GCP Cap"). To the extent that the remaining net proceeds exceed
the GCP Cap (such amount in excess thereof, the "Excess Net
Proceeds"), Hertz Corp. will be required to apply such Excess Net
Proceeds (plus, at Hertz Corp.'s option, all or any portion of the
GCP Cap) to redeem a portion of the Notes.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the Notes (or 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 (or the guarantees of the Notes) 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 certificate of designations governing Hertz's
Series A preferred stock, nor an offer to tender for, or
purchase, any Series A preferred stock 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
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 vehicle rental companies, and the Hertz brand is one of
the most recognized globally. Additionally, The Hertz Corporation
operates the Firefly vehicle rental brand and Hertz 24/7 car
sharing business in international markets and sells vehicles
through Hertz Car Sales.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release include
"forward-looking statements" within the meaning of applicable
securities laws and regulations. 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 the Company's current views with
respect to future events and the timing of the Offering and the use
of the proceeds therefrom. These forward-looking statements are
subject to a number of risks and uncertainties including prevailing
market conditions, as well as other factors. Forward-looking
statements represent the Company's estimates and assumptions only
as of the date that they were made, and, except as required by law,
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hertz-announces-pricing-of-1-5-billion-private-offering-of-senior-notes-by-the-hertz-corporation-301427324.html
SOURCE Hertz Global Holdings, Inc.