Hertz's $300 Million Note Offering: Exploring Corporate Finance Moves

Hertz Plans $345 Million Offering of Exchangeable Senior First-Lien Secured PIK Notes overview

Hertz Global Holdings announced plans to offer $300 million in Exchangeable Senior First-Lien Secured PIK Notes due 2030, with an option for additional issuance, for general corporate purposes.

Important details from the source

• ESTERO, Fla., June 24, 2026 — Hertz Global Holdings, Inc.
• also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $45 million in aggregate principal amount of Notes.
• intends to use the net proceeds received from the offering of the Notes for general corporate purposes, which may include the repayment of outstanding indebtedness.
• The Notes will bear interest from, and including, the issue date of the Notes, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2027.
• Each payment of interest on the Notes (excluding any additional interest, special interest and default interest) will consist of (i) a portion to be paid in cash and (ii) a portion to be paid in the form of PIK interest.
• The Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.
• The aggregate number of shares of Common Stock that may be issued upon exchange of the Notes may not exceed 19.9% of the number of shares of Common Stock outstanding prior to the offering of the Notes unless and until the shareholders of the Company approve such issuance.
• Holders of the Notes will have the right to require Hertz Corp.
• may not redeem the Notes prior to January 6, 2029.
• may redeem all or any portion (subject to certain limitations) of the Notes at a cash redemption price equal to 100% of the capitalized principal amount of the Notes to be redeemed plus accrued and unpaid cash interest to, but excluding, the date of such redemption.

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