ESTERO, Fla., Nov. 29, 2021 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NASDAQ: HTZ) ("Hertz" or the "Company")
today announced that its Board of Directors has authorized a
share repurchase program of up to $2.0 billion of the
Company's outstanding common stock.
The repurchase program is effective immediately and will
initially comprise the remaining $200
million that was authorized for repurchase at the time of
the Company's offering and listing on NASDAQ. Hertz will be able to
pursue the balance of the authorized amount upon completion of its
previously disclosed tender offer and consent solicitation with
respect to its outstanding Series A Preferred Stock, so long as
holders of a majority of the Series A Preferred Stock tender such
shares in the tender offer or deliver consents to certain
amendments to the Series A Preferred Stock. Investment funds,
accounts and other entities owned (in whole or in part),
controlled, managed or advised by Apollo Capital Management, L.P.
and its affiliates (collectively, "Apollo"), as holders of a
majority of the outstanding Series A Preferred Stock, have agreed
on the terms and subject to the conditions contained in an
agreement between Hertz and Apollo to tender in the offer their
shares referred to therein and to consent to the such amendment
effective upon the completion of the tender offer.
The repurchase program allows for ongoing and profitable
investment in the business while utilizing moderate balance sheet
leverage and facilitating opportunistic share repurchases. The
Company currently intends to maintain Net Corporate
Leverage1 of no more than 1.5x.
Repurchases will be made at management's discretion through a
variety of methods, such as open-market transactions (including
pre-set trading plans), privately negotiated transactions,
accelerated share repurchases, and other transactions in accordance
with applicable securities laws. The program has no time
limit. The share repurchase authorization does not obligate the
Company to acquire any particular amount of common stock and can be
discontinued at any time. There can be no assurance as to the
timing or number of shares of any repurchases.
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 tender offer. 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.
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1 Net
Corporate Leverage is calculated as ratio of outstanding
Non-vehicle Debt, excluding Term Loan C and the related Restricted
Cash that collateralizes Term Loan C obligations, Net of
Unrestricted Cash to Adjusted EBITDA for the trailing four fiscal
quarters.
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SOURCE Hertz Global Holdings, Inc.