Hertz prices $350M exchangeable notes at 6.75%, offers 37M shares at $2.70 for hedging

HERTZ GLOBAL HOLDINGS, INC

Hertz Corp. priced $350M of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030; upsized from $300M.
Net proceeds ~$339.5M to repay revolver and for general corporate purposes; closing expected June 29, 2026.
Concurrently, Hertz loaned 37,037,037 shares at $2.70/share to J.P. Morgan to facilitate note investor hedging; Hertz receives nominal lending fee.
Notes exchangeable initially at $3.58/share (32.5% premium to stock offering price); cash/shares at Hertz Corp.'s election.
Stock offering contingent on note closing; note offering not contingent on stock offering.

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