Hertz Upsizes $375 Million Exchangeable Senior Notes Offering

Hertz Announces Pricing of Upsized $375 Million Exchangeable Senior Notes Offering overview

The Exchangeable Senior Notes will be Issued by The Hertz Corporation

Important details from the source

• The Exchangeable Senior Notes will be Issued by The Hertz Corporation.
• ESTERO, Fla., September 25, 2025 — Hertz Global Holdings, Inc.
• also granted 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 $50 million in aggregate principal amount of the Notes.
• The aggregate principal amount of the offering was increased from the previously announced offering size of $250 million.
• The offering is expected to close on or about September 29, 2025, subject to customary closing conditions.
• intends to use approximately $33.26 million of the net proceeds from the issuance of the Notes to fund the cost of entering into the capped call transactions described below.
• If the initial purchasers exercise their option to purchase additional Notes, then Hertz Corp.
• intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions and apply the remainder towards general corporate purposes, which may include the repayment of outstanding indebtedness.
• The Notes will bear interest at a rate of 5.500% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026.
• The exchange rate will initially be 108.2808 shares of common stock of the Company (“Common Stock”) per $1,000 principal amount of Notes (equivalent to an initial exchange price of approximately $9.24 per share of Common Stock).

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