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Hertz Corporation raises USD 1 billion in debt funding to strengthen liquidity
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Jun 21, 2024
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Jun 21, 2024

Hertz Corporation raises USD 1 billion in debt funding to strengthen liquidity

Funding

  • Hertz Global Holdings, a car rental company, has upsized and priced its debt offerings via its subsidiary, The Hertz Corporation. The organization has raised USD 1 billion, coming from USD 750 million in first-lien senior secured notes and USD 250 million in exchangeable senior second-lien secured PIK notes. The offerings are due in 2029.

  • Hertz plans to use the funds from these offerings to ease its USD 2 billion committed revolving credit facility, aiming to strengthen liquidity.

  • Further, the company plans to sell ~30,000 vehicles from its fleet due to low demand and high repair costs from its electric vehicle business.

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