ESTERO,
Fla., Dec. 13, 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."),
received the requisite consents in its previously announced
solicitation of consents ("Consents") to amend (the "Proposed
Amendments") certain provisions of the indentures governing its
existing 12.625% First Lien Senior Secured Notes due 2029 (the
"Initial First Lien Notes") and its 8.000% Exchangeable Senior
Second-Lien PIK Notes due 2029 (the "Exchangeable Notes" and,
together with the Initial First Lien Notes, the "Existing
Notes").
The consent solicitations for each series of Existing Notes
(collectively, the "Consent Solicitations" and, with respect to
each series, a "Consent Solicitation") were made solely on the
terms and subject to the conditions set forth in the consent
solicitation statement dated December 5,
2024 (the "Consent Solicitation Statement").
The Consent Solicitations expired at 5:00
p.m., New York City time,
on December 12, 2024 (the "Expiration
Date").
The Consent Solicitations were made concurrently with, and
were conditioned upon, among other things, the consummation of the
previously announced offering (the "Offering") of an
additional $500.0 million aggregate principal amount of
12.625% First Lien Senior Secured Notes due 2029 (the "Additional
First Lien Notes" and, together with the Initial First Lien Notes,
the "First Lien Notes"), which was completed on December 12, 2024. Purchasers of the Additional
First Lien Notes in the Proposed Offering were deemed to have
consented to the Proposed Amendments to the indenture governing the
First Lien Notes (the "First Lien Indenture"). The Consents
received in the Consent Solicitation were sufficient to effect the
Proposed Amendments to the indenture governing the Exchangeable
Notes (the "Exchangeable Notes Indenture") and, when combined with
the deemed consents in connection with the Offering, were
sufficient to effect the Proposed Amendments to the First Lien
Indenture.
Accordingly, the Company entered into a supplemental indenture
to the First Lien Indenture (the "First Lien Supplemental
Indenture") and a supplemental indenture to the Exchangeable Notes
Indenture (the "Exchangeable Notes Supplemental Indenture" and,
together with the First Lien Supplemental Indenture, the
"Supplemental Indentures"), to effect the Proposed Amendments. The
Supplemental Indentures have become effective and the Proposed
Amendments will become operative upon the payment of the applicable
consent fee to the holders of the Existing Notes that validly
delivered Consents, which the Company expects to pay promptly.
This press release is not a solicitation of consents with
respect to the Existing Notes and does not set forth all of the
terms and conditions of the Consent Solicitations.
Any inquiries regarding the Consent Solicitations may be
directed to D.F. King & Co., Inc., the Information, Tabulation
and Paying Agent for the Consent Solicitations, at hertz@dfking.com
or (212) 269-5550 (collect) or (800) 967-5074 (toll
free), or to J.P. Morgan Securities LLC, the Solicitation Agent for
the Consent Solicitations, at (212) 834-4087 (collect) or (800)
834-4666 (toll free).
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
consent solicitations and the 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 market conditions (including market
interest rates), unanticipated uses of capital and those in our
risk factors that we identify in the offering memorandum for the
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.
View original
content:https://www.prnewswire.com/news-releases/hertz-announces-receipt-of-requisite-consents-from-holders-to-amend-its-12-625-first-lien-senior-secured-notes-due-2029-and-8-000-exchangeable-senior-second-lien-pik-notes-due-2029-and-expiration-of-consent-solicitations-302331230.html
SOURCE Hertz Global Holdings, Inc.