Hertz announces $300M exchangeable notes offering and $100M stock lending to facilitate hedging

HERTZ GLOBAL HOLDINGS, INC

Hertz Corp. to offer $300M aggregate principal of Exchangeable Senior First-Lien Secured PIK Notes due 2030; initial purchasers option for $45M more.
Notes bear PIK interest with portion paid in cash and PIK; exchangeable for cash, common stock, or combination at Hertz Corp.'s election.
Net proceeds from notes used for general corporate purposes, may include repayment of outstanding indebtedness.
Simultaneously, Hertz loans $100M of common stock to J.P. Morgan (share borrower) to facilitate hedging by note investors; Hertz receives nominal fee.
Stock offering contingent on closing of notes; notes offering not contingent on stock offering.

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