Hertz prices $1B notes: $750M first lien at 12.625% and $250M exchangeable at 8.000%

HERTZ GLOBAL HOLDINGS, INC

Note Purchase Agreement with CK Amarillo LP affiliate for up to $43.5M of exchangeable notes, subject to cutbacks.
Upsized first lien offering from $500M to $750M; total proceeds to be used to pay down $2.0B revolver, improving liquidity.
First Lien Notes: 12.625% cash interest, due 2029; Exchangeable Notes: 8.000% PIK interest, exchangeable at ~$6.6252/share (89% premium to $3.51 close).
Offerings expected to close June 28, 2024; notes secured on first-lien and second-lien basis respectively.

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