Hertz announces $750M debt offering; sees Q2 2024 Adjusted EBITDA loss of up to $495M

HERTZ GLOBAL HOLDINGS, INC

Offers $500M First Lien Senior Secured Notes due 2029 and $250M Exchangeable Senior Second-Lien Secured PIK Notes due 2029.
Preliminary Q2 2024: expects Adjusted Corporate EBITDA loss of $(435)M to $(495)M; DPU of $575-$600.
Expects Q2 depreciation and lease charges of $990M-$1,035M (up from $969M in Q1 2024) due to accelerated fleet refresh.
Revolver drawn $1.1B as of May 31; notes proceeds to pay down revolver and improve liquidity.
Discloses securities class action and warrant holder lawsuit seeking ~$187.5M; Hertz disputes claims.

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