Hertz Corp. announces $250M exchangeable notes offering due 2030, proceeds to repay 2026 senior notes

HERTZ GLOBAL HOLDINGS, INC

$250M aggregate principal of Exchangeable Senior Notes due 2030, plus $37.5M option for additional.
Notes exchangeable into cash, HTZ common stock, or combination; interest rate and exchange rate to be set.
Proceeds to partially redeem/repurchase Senior Notes due 2026 before Dec 31, 2025.
Pershing Square affiliate enters total return swap for ~$100M notional HTZ stock exposure; not party to offering.
Capped call transactions planned to offset dilution and potential cash payments on exchange.

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