ESTERO,
Fla., Dec. 5, 2024 /PRNewswire/ -- Hertz
Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz" or the "Company"), a
leading global rental car company, today announced that its
wholly-owned indirect subsidiary, The Hertz Corporation ("Hertz
Corp."), intends to offer, subject to market and other conditions,
$500 million in aggregate principal
amount of additional 12.625% First Lien Senior Secured Notes due
2029 (the "Notes") in a private offering exempt from the
registration requirements of the Securities Act of 1933, as amended
(the "Securities Act").
The Notes will constitute a further issuance of Hertz Corp.'s
12.625% First Lien Senior Secured Notes due 2029, which were issued
on June 28, 2024 (the "Existing
Notes"). The Notes will have identical terms and conditions (other
than the issue date and issue price) as the Existing Notes. Upon
completion of the offering, Hertz Corp. will have $1.25 billion in aggregate principal amount of
12.625% First Lien Senior Secured Notes due 2029 outstanding.
Hertz Corp. intends to use the net proceeds from the issuance of
the Notes to repay outstanding borrowings under its revolving
credit facility and to pay the consent fees and other expenses
associated with concurrent consent solicitations to amend the terms
of the indentures governing the Notes and the Company's 8.000%
Exchangeable Senior Second-Lien PIK Notes due 2029.
The Notes will be guaranteed by the Company, Rental Car
Intermediate Holdings, LLC, Hertz Corp.'s direct parent company,
and each of Hertz Corp.'s existing domestic subsidiaries and future
restricted subsidiaries that guarantees indebtedness under Hertz
Corp.'s first lien credit facilities or certain other indebtedness
for borrowed money. The Notes and the related guarantees (other
than the guarantee by the Company) will be secured (subject to
certain exceptions and permitted liens) on a first-lien basis by
the same assets (other than certain excluded property) that secure
indebtedness under Hertz Corp.'s first lien credit facilities and
therefore will be effectively pari passu with
indebtedness under Hertz Corp.'s first lien credit facilities and
its existing 12.625% First Lien Senior Secured Notes due 2029.
The Notes and the guarantees of the Notes are being offered only
to persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A under the Securities Act and to non-U.S.
persons outside the United States
pursuant to Regulation S under the Securities Act. The Notes and
the guarantees of the Notes have not been and will not be
registered under the Securities Act or the securities laws of any
other jurisdiction and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements under the
Securities Act and the securities laws of any other
jurisdiction.
This press release is not an offer to sell or purchase, or a
solicitation of an offer to sell or purchase, the Notes or the
guarantees of the Notes and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which, or to
any person to whom such an offer, solicitation or sale would be
unlawful.
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
owns and 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
This press release contains "forward-looking statements" within
the meaning of the federal securities laws. Words such as "expect,"
"will" and "intend" and similar expressions identify
forward-looking statements, which include but are not limited to
statements related to our positioning, strategy, vision, forward
looking investments, conditions in the travel industry, our
financial and operational condition, our sources of liquidity, the
proposed offering, the anticipated terms of the Notes and Hertz
Corp.'s expected use of proceeds from the proposed offering. We
caution you that these statements are not guarantees of future
performance and are subject to numerous evolving risks and
uncertainties that we may not be able to accurately predict or
assess, including risks and uncertainties related to completion of
the offering on the anticipated terms or at all, market conditions
(including market interest rates) and the satisfaction of customary
closing conditions related to the offering, unanticipated uses of
capital and those in our risk factors that we identify in the
offering memorandum for this offering and our most recent annual
report on Form 10-K for the year ended December 31, 2023, as filed with the U.S.
Securities and Exchange Commission on February 12, 2024, and any updates thereto in the
Company's quarterly reports on Form 10-Q and current reports on
Form 8-K. We caution you not to place undue reliance on our
forward-looking statements, which speak only as of their date, and
we undertake no obligation to update this information.
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SOURCE The Hertz Corporation