Hertz Global Holdings has announced that its wholly-owned subsidiary, The Hertz Corporation, intends to offer $300 million aggregate principal amount of 6.75% Senior Notes due 2019 in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), subject to market and other conditions.
The Notes are expected to constitute a further issuance of, will be fungible with and will be consolidated and form a single series with the $500 million aggregate principal amount of 6.75% Senior Notes due 2019 issued by Hertz on February 8th, 2011.
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 that guarantee its senior credit facilities.
Hertz intends to use the proceeds from the issuance of the Notes to redeem a portion of its 8.875% Senior Notes due 2014.