{"success":true,"data":{"pressRelease":{"id":"71840","rtpr_id":"nBwb9JStLa","ticker":"HTZ","exchange":"NASDAQ","all_tickers":["HTZ"],"title":"Hertz Announces Proposed Offering of $300 Million of Exchangeable Senior First-Lien Secured PIK Notes","author":"Business Wire","published_at":"2026-06-24T11:22:00.082Z","article_body":"Hertz Announces Proposed Offering of $300 Million of Exchangeable Senior\nFirst-Lien Secured PIK Notes\n\nHertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”),\na leading global rental car company, today announced that its wholly-owned\nindirect subsidiary, The Hertz Corporation (“Hertz Corp.”), intends to\noffer, subject to market and other conditions, $300 million in aggregate\nprincipal amount of Exchangeable Senior First-Lien Secured PIK Notes due 2030\n(the “Notes”) in a private offering to persons reasonably believed to be\nqualified institutional buyers pursuant to Rule 144A under the Securities Act\nof 1933, as amended (the “Securities Act”). Hertz Corp. also expects to\ngrant the initial purchasers of the Notes an option to purchase, for\nsettlement within a period of 13 days from, and including, the date the Notes\nare first issued, up to an additional $45 million in aggregate principal\namount of Notes.\n\nHertz Corp. intends to use the net proceeds received from the offering of the\nNotes for general corporate purposes, which may include the repayment of\noutstanding indebtedness.\n\nThe Notes will bear interest from, and including, the issue date of the Notes,\npayable semi-annually in arrears on January 1 and July 1 of each year,\nbeginning on January 1, 2027. Each payment of interest on the Notes (excluding\nany additional interest, special interest and default interest) will consist\nof (i) a portion to be paid in cash and (ii) a portion to be paid in the form\nof PIK interest. The interest rate, exchange rate and certain other terms of\nthe Notes will be determined by negotiations between Hertz Corp. and the\ninitial purchasers of the Notes. The Notes will mature on July 1, 2030, unless\nearlier repurchased, redeemed or exchanged in accordance with their terms\nprior to maturity. The Notes will be exchangeable at any time until the close\nof business on the second scheduled trading day immediately preceding the\nmaturity date. The Notes will be exchangeable on the terms set forth in the\nindenture governing the Notes into cash, shares of the Company’s common\nstock, par value $0.01 per share (the “Common Stock”), or a combination\nthereof, at Hertz Corp.’s election. The aggregate number of shares of Common\nStock that may be issued upon exchange of the Notes may not exceed 19.9% of\nthe number of shares of Common Stock outstanding prior to the offering of the\nNotes unless and until the shareholders of the Company approve such issuance.\n\nHolders of the Notes will have the right to require Hertz Corp. to repurchase\nall or a portion of their Notes at 100% of their capitalized principal amount\nof the Notes plus accrued and unpaid cash interest to, but excluding, the date\nof such repurchase, upon the occurrence of certain corporate events\nconstituting a “fundamental change” as defined in the indenture governing\nthe Notes. Hertz Corp. may not redeem the Notes prior to January 6, 2029. On\nor after January 6, 2029 and on or prior to the 31st scheduled trading day\nimmediately preceding the maturity date, if the last reported sale price per\nshare of Common Stock has been at least 130% of the exchange price for the\nNotes for certain specified periods, and certain other conditions are\nsatisfied, Hertz Corp. may redeem all or any portion (subject to certain\nlimitations) of the Notes at a cash redemption price equal to 100% of the\ncapitalized principal amount of the Notes to be redeemed plus accrued and\nunpaid cash interest to, but excluding, the date of such redemption.\n\nThe Notes are expected to be guaranteed by the Company, Rental Car\nIntermediate Holdings, LLC, Hertz Corp.’s direct parent company, and each of\nHertz Corp.’s existing domestic subsidiaries and future restricted\nsubsidiaries that guarantee indebtedness under Hertz Corp.’s first lien\ncredit facilities or certain other indebtedness for borrowed money. The Notes\nand the related guarantees (other than the guarantee by the Company) are\nexpected to be secured (subject to certain exceptions and permitted liens) on\na first-lien basis by the same assets (other than certain excluded property)\nthat secure indebtedness under Hertz Corp.’s first lien credit facilities\nand existing first lien secured notes, and are therefore expected to be\neffectively pari passu with indebtedness under Hertz Corp.’s first lien\ncredit facilities and existing first lien secured notes.\n\nThe Notes and the related guarantees will be offered and sold only to persons\nreasonably believed to be qualified institutional buyers pursuant to Rule 144A\nunder the Securities Act. The Notes, the related guarantees and any shares of\nCommon Stock issuable upon exchange of the Notes have not been and will not be\nregistered under the Securities Act or the securities laws of any other\njurisdiction and may not be offered or sold in the United States absent\nregistration or an applicable exemption from the registration requirements\nunder the Securities Act and the securities laws of any other jurisdiction.\n\nConcurrently with the offering of the Notes, Hertz also announced today by\nseparate press release that Hertz has commenced a separate registered public\noffering of $100 million of the Common Stock. Such shares (the “Borrowed\nShares”) will be loaned by Hertz to a financial institution (the “Share\nBorrower”), acting as an underwriter in the offering of the Borrowed Shares,\npursuant to a share lending agreement. The Share Borrower or its affiliates\nwill receive all of the proceeds of the concurrent offering of Borrowed Shares\nand neither Hertz nor Hertz Corp. will receive any of the proceeds of that\noffering, but the Share Borrower will pay Hertz a nominal lending fee for the\nuse of the Borrowed Shares pursuant to the share lending agreement. The Share\nBorrower will be required to return the Borrowed Shares (or identical shares\nof Common Stock) to the Company pursuant to the terms of the share lending\nagreement. Hertz has been informed by the Share Borrower that it or one of its\naffiliates intends to sell the Borrowed Shares and use the resulting short\nposition to facilitate transactions by which investors in the Notes may hedge\ntheir investments through short sales or privately negotiated derivatives\ntransactions. The activity described above could affect the market price of\nthe Common Stock or the Notes otherwise prevailing from time to time.\n\nThis press release is not an offer to sell or purchase, or a solicitation of\nan offer to sell or purchase, the Notes, the related guarantees, the shares of\nCommon Stock issuable upon exchange of the Notes or the Borrowed Shares and\ndoes not constitute an offer, solicitation or sale in any state or\njurisdiction in which, or to any person to whom such an offer, solicitation or\nsale would be unlawful.\n\nThe concurrent offering of the Borrowed Shares is contingent upon the closing\nof the offering of the Notes, but the offering of the Notes is not contingent\nupon the closing of the concurrent offering of the Borrowed Shares.\n\nABOUT HERTZ\n\nHertz Global Holdings, Inc. is one of the world’s leading car rental and\nmobility solutions providers. Its subsidiaries, including The Hertz\nCorporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly\nvehicle rental brands, with more than 11,000 rental locations in 160 countries\naround the globe. The Company also operates the Hertz Car Sales brand, which\noffers a range of quality, competitively priced used cars for sale online and\nat locations across the United States, and the Hertz 24/7 car-sharing business\nin Europe.\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis press release contains “forward-looking statements” within the\nmeaning of the federal securities laws. Words such as “expect,” “will”\nand “intend” and similar expressions identify forward-looking statements,\nwhich include but are not limited to statements related to our positioning,\nstrategy, vision, forward looking investments, conditions in the travel\nindustry, our financial and operational condition, our sources of liquidity,\nthe proposed offering of the Notes, the proposed offering of the Borrowed\nShares, the anticipated terms of the Notes and Hertz Corp.’s expected use of\nproceeds from the proposed offering. We caution you that these statements are\nnot guarantees of future performance and are subject to numerous evolving\nrisks and uncertainties that we may not be able to accurately predict or\nassess, including risks and uncertainties related to completion of the\noffering on the anticipated terms or at all, market conditions (including\nmarket interest rates) and the satisfaction of customary closing conditions\nrelated to the offering, unanticipated uses of capital and those in our risk\nfactors that we identify in the offering memorandum for the offering and our\nmost recent annual report on Form 10-K for the year ended December 31, 2025,\nas filed with the U.S. Securities and Exchange Commission on February 26,\n2026, and any updates thereto in the Company’s quarterly reports on Form\n10-Q and current reports on Form 8-K. We caution you not to place undue\nreliance on our forward-looking statements, which speak only as of their date,\nand we undertake no obligation to update this information.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260624212090/en/\n(https://www.businesswire.com/news/home/20260624212090/en/)\n\nHertz Investor Relations: investorrelations@hertz.com\n(mailto:investorrelations@hertz.com) , Hertz Media Relations:\nMediarelations@hertz.com (mailto:Mediarelations@hertz.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBwb9JStLa","title":"Hertz Announces Proposed Offering of $300 Million of Exchangeable Senior First-Lien Secured PIK Notes","author":"Business Wire","ticker":"HTZ","created":"2026-06-24T11:22:00.082Z","tickers":["HTZ"],"exchange":"NASDAQ","article_body":"Hertz Announces Proposed Offering of $300 Million of Exchangeable Senior\nFirst-Lien Secured PIK Notes\n\nHertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”),\na leading global rental car company, today announced that its wholly-owned\nindirect subsidiary, The Hertz Corporation (“Hertz Corp.”), intends to\noffer, subject to market and other conditions, $300 million in aggregate\nprincipal amount of Exchangeable Senior First-Lien Secured PIK Notes due 2030\n(the “Notes”) in a private offering to persons reasonably believed to be\nqualified institutional buyers pursuant to Rule 144A under the Securities Act\nof 1933, as amended (the “Securities Act”). Hertz Corp. also expects to\ngrant the initial purchasers of the Notes an option to purchase, for\nsettlement within a period of 13 days from, and including, the date the Notes\nare first issued, up to an additional $45 million in aggregate principal\namount of Notes.\n\nHertz Corp. intends to use the net proceeds received from the offering of the\nNotes for general corporate purposes, which may include the repayment of\noutstanding indebtedness.\n\nThe Notes will bear interest from, and including, the issue date of the Notes,\npayable semi-annually in arrears on January 1 and July 1 of each year,\nbeginning on January 1, 2027. Each payment of interest on the Notes (excluding\nany additional interest, special interest and default interest) will consist\nof (i) a portion to be paid in cash and (ii) a portion to be paid in the form\nof PIK interest. The interest rate, exchange rate and certain other terms of\nthe Notes will be determined by negotiations between Hertz Corp. and the\ninitial purchasers of the Notes. The Notes will mature on July 1, 2030, unless\nearlier repurchased, redeemed or exchanged in accordance with their terms\nprior to maturity. The Notes will be exchangeable at any time until the close\nof business on the second scheduled trading day immediately preceding the\nmaturity date. The Notes will be exchangeable on the terms set forth in the\nindenture governing the Notes into cash, shares of the Company’s common\nstock, par value $0.01 per share (the “Common Stock”), or a combination\nthereof, at Hertz Corp.’s election. The aggregate number of shares of Common\nStock that may be issued upon exchange of the Notes may not exceed 19.9% of\nthe number of shares of Common Stock outstanding prior to the offering of the\nNotes unless and until the shareholders of the Company approve such issuance.\n\nHolders of the Notes will have the right to require Hertz Corp. to repurchase\nall or a portion of their Notes at 100% of their capitalized principal amount\nof the Notes plus accrued and unpaid cash interest to, but excluding, the date\nof such repurchase, upon the occurrence of certain corporate events\nconstituting a “fundamental change” as defined in the indenture governing\nthe Notes. Hertz Corp. may not redeem the Notes prior to January 6, 2029. On\nor after January 6, 2029 and on or prior to the 31st scheduled trading day\nimmediately preceding the maturity date, if the last reported sale price per\nshare of Common Stock has been at least 130% of the exchange price for the\nNotes for certain specified periods, and certain other conditions are\nsatisfied, Hertz Corp. may redeem all or any portion (subject to certain\nlimitations) of the Notes at a cash redemption price equal to 100% of the\ncapitalized principal amount of the Notes to be redeemed plus accrued and\nunpaid cash interest to, but excluding, the date of such redemption.\n\nThe Notes are expected to be guaranteed by the Company, Rental Car\nIntermediate Holdings, LLC, Hertz Corp.’s direct parent company, and each of\nHertz Corp.’s existing domestic subsidiaries and future restricted\nsubsidiaries that guarantee indebtedness under Hertz Corp.’s first lien\ncredit facilities or certain other indebtedness for borrowed money. The Notes\nand the related guarantees (other than the guarantee by the Company) are\nexpected to be secured (subject to certain exceptions and permitted liens) on\na first-lien basis by the same assets (other than certain excluded property)\nthat secure indebtedness under Hertz Corp.’s first lien credit facilities\nand existing first lien secured notes, and are therefore expected to be\neffectively pari passu with indebtedness under Hertz Corp.’s first lien\ncredit facilities and existing first lien secured notes.\n\nThe Notes and the related guarantees will be offered and sold only to persons\nreasonably believed to be qualified institutional buyers pursuant to Rule 144A\nunder the Securities Act. The Notes, the related guarantees and any shares of\nCommon Stock issuable upon exchange of the Notes have not been and will not be\nregistered under the Securities Act or the securities laws of any other\njurisdiction and may not be offered or sold in the United States absent\nregistration or an applicable exemption from the registration requirements\nunder the Securities Act and the securities laws of any other jurisdiction.\n\nConcurrently with the offering of the Notes, Hertz also announced today by\nseparate press release that Hertz has commenced a separate registered public\noffering of $100 million of the Common Stock. Such shares (the “Borrowed\nShares”) will be loaned by Hertz to a financial institution (the “Share\nBorrower”), acting as an underwriter in the offering of the Borrowed Shares,\npursuant to a share lending agreement. The Share Borrower or its affiliates\nwill receive all of the proceeds of the concurrent offering of Borrowed Shares\nand neither Hertz nor Hertz Corp. will receive any of the proceeds of that\noffering, but the Share Borrower will pay Hertz a nominal lending fee for the\nuse of the Borrowed Shares pursuant to the share lending agreement. The Share\nBorrower will be required to return the Borrowed Shares (or identical shares\nof Common Stock) to the Company pursuant to the terms of the share lending\nagreement. Hertz has been informed by the Share Borrower that it or one of its\naffiliates intends to sell the Borrowed Shares and use the resulting short\nposition to facilitate transactions by which investors in the Notes may hedge\ntheir investments through short sales or privately negotiated derivatives\ntransactions. The activity described above could affect the market price of\nthe Common Stock or the Notes otherwise prevailing from time to time.\n\nThis press release is not an offer to sell or purchase, or a solicitation of\nan offer to sell or purchase, the Notes, the related guarantees, the shares of\nCommon Stock issuable upon exchange of the Notes or the Borrowed Shares and\ndoes not constitute an offer, solicitation or sale in any state or\njurisdiction in which, or to any person to whom such an offer, solicitation or\nsale would be unlawful.\n\nThe concurrent offering of the Borrowed Shares is contingent upon the closing\nof the offering of the Notes, but the offering of the Notes is not contingent\nupon the closing of the concurrent offering of the Borrowed Shares.\n\nABOUT HERTZ\n\nHertz Global Holdings, Inc. is one of the world’s leading car rental and\nmobility solutions providers. Its subsidiaries, including The Hertz\nCorporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly\nvehicle rental brands, with more than 11,000 rental locations in 160 countries\naround the globe. The Company also operates the Hertz Car Sales brand, which\noffers a range of quality, competitively priced used cars for sale online and\nat locations across the United States, and the Hertz 24/7 car-sharing business\nin Europe.\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis press release contains “forward-looking statements” within the\nmeaning of the federal securities laws. Words such as “expect,” “will”\nand “intend” and similar expressions identify forward-looking statements,\nwhich include but are not limited to statements related to our positioning,\nstrategy, vision, forward looking investments, conditions in the travel\nindustry, our financial and operational condition, our sources of liquidity,\nthe proposed offering of the Notes, the proposed offering of the Borrowed\nShares, the anticipated terms of the Notes and Hertz Corp.’s expected use of\nproceeds from the proposed offering. We caution you that these statements are\nnot guarantees of future performance and are subject to numerous evolving\nrisks and uncertainties that we may not be able to accurately predict or\nassess, including risks and uncertainties related to completion of the\noffering on the anticipated terms or at all, market conditions (including\nmarket interest rates) and the satisfaction of customary closing conditions\nrelated to the offering, unanticipated uses of capital and those in our risk\nfactors that we identify in the offering memorandum for the offering and our\nmost recent annual report on Form 10-K for the year ended December 31, 2025,\nas filed with the U.S. Securities and Exchange Commission on February 26,\n2026, and any updates thereto in the Company’s quarterly reports on Form\n10-Q and current reports on Form 8-K. We caution you not to place undue\nreliance on our forward-looking statements, which speak only as of their date,\nand we undertake no obligation to update this information.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260624212090/en/\n(https://www.businesswire.com/news/home/20260624212090/en/)\n\nHertz Investor Relations: investorrelations@hertz.com\n(mailto:investorrelations@hertz.com) , Hertz Media Relations:\nMediarelations@hertz.com (mailto:Mediarelations@hertz.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-06-24T11:22:00.211926569Z","server_sent_at_ms":1782300120211},"received_at":"2026-06-24T11:22:00.281Z","source_url":"https://www.businesswire.com/news/home/20260624212090/en/"},"analysis":{"id":"61215","press_release_id":"71840","analysis_json":{"industry":{"label":"Personal Services","sector":"Consumer Discretionary"},"redFlags":["PIK (Pay-in-Kind) notes signal high cost of capital and increasing leverage through non-cash interest accrual","Concurrent borrowed share offering facilitates hedging, potentially creating short-term downward pressure on the stock","Use of proceeds includes general corporate purposes, providing limited specificity on capital deployment"],"eventType":"debt_offering","narrative":"Hertz Global Holdings intends to offer $300 million in aggregate principal amount of Exchangeable Senior First-Lien Secured PIK Notes due 2030, with an option for initial purchasers to buy an additional $45 million.\n\nThe Notes will bear interest payable in a mix of cash and PIK (Payment-in-Kind) and are exchangeable for cash, common stock, or a combination, subject to a 19.9% ownership cap unless shareholder approval is obtained.\n\nNet proceeds are earmarked for general corporate purposes and debt repayment, while a concurrent $100 million borrowed share offering was announced to facilitate investor hedging.","sentiment":"bearish","agentHooks":{"shouldPost":false,"suggestedAngle":"Hertz taps high-yield debt market with PIK notes to bolster liquidity."},"keyFigures":{"customDimensions":{"notes_maturity":"July 1, 2030","notes_option_principal":"$45 million","notes_offering_principal":"$300 million","borrowed_shares_offering_value":"$100 million"}},"quotedText":"","namedEntities":{"people":[],"products":["Exchangeable Senior First-Lien Secured PIK Notes","Common Stock"],"companies":[{"name":"Hertz Global Holdings, Inc.","ticker":"HTZ"},{"name":"The Hertz Corporation","relationship":"wholly-owned indirect subsidiary"},{"name":"Rental Car Intermediate Holdings, LLC","relationship":"guarantor"}],"dollarAmounts":[{"amount":"$300 million","context":"aggregate principal amount of Notes"},{"amount":"$45 million","context":"option to purchase additional Notes"},{"amount":"$100 million","context":"registered public offering of Common Stock"}]},"materialImpact":{"score":3,"reasoning":"Issuance of $300M in PIK notes represents a material restructuring of the balance sheet with increased leverage and dilution risk, falling short of the binary or surprise thresholds required for a score of 5."},"tickerRelevance":{"others":[],"primary":"HTZ"},"globalImportance":20,"audienceRelevance":25,"eventTypeSecondary":["offering"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"debt_offering_PIK","sectorWeight":"consumer_discretionary","householdBrandBoost":true}},"event_type":"debt_offering","event_type_secondary":["offering"],"sentiment":"bearish","material_impact_score":3,"narrative":"Hertz Global Holdings intends to offer $300 million in aggregate principal amount of Exchangeable Senior First-Lien Secured PIK Notes due 2030, with an option for initial purchasers to buy an additional $45 million.\n\nThe Notes will bear interest payable in a mix of cash and PIK (Payment-in-Kind) and are exchangeable for cash, common stock, or a combination, subject to a 19.9% ownership cap unless shareholder approval is obtained.\n\nNet proceeds are earmarked for general corporate purposes and debt repayment, while a concurrent $100 million borrowed share offering was announced to facilitate investor hedging.","key_figures":{"customDimensions":{"notes_maturity":"July 1, 2030","notes_option_principal":"$45 million","notes_offering_principal":"$300 million","borrowed_shares_offering_value":"$100 million"}},"named_entities":{"people":[],"products":["Exchangeable Senior First-Lien Secured PIK Notes","Common Stock"],"companies":[{"name":"Hertz Global Holdings, Inc.","ticker":"HTZ"},{"name":"The Hertz Corporation","relationship":"wholly-owned indirect subsidiary"},{"name":"Rental Car Intermediate Holdings, LLC","relationship":"guarantor"}],"dollarAmounts":[{"amount":"$300 million","context":"aggregate principal amount of Notes"},{"amount":"$45 million","context":"option to purchase additional Notes"},{"amount":"$100 million","context":"registered public offering of Common Stock"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-06-24T11:31:06.997Z","global_importance":20,"audience_relevance":25,"importance_components":{"tickerTier":"mid-cap","eventGravity":"debt_offering_PIK","sectorWeight":"consumer_discretionary","householdBrandBoost":true}},"durationMs":null,"modelName":"george-droid-qwen-72b"}}