Hertz issues $350M 6.75% exchangeable notes; share lending on 37M shares at $2.70

HERTZ GLOBAL HOLDINGS, INC

$350M aggregate principal of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030 issued by Hertz Corp.
Initial exchange price of ~$3.58/share, a 32.5% premium to the $2.70 public offering price of borrowed shares.
Hertz Global loans 37,037,037 shares of common stock to J.P. Morgan at $2.70/share in a public offering.
Interest paid 50% cash (3.375%) and 50% PIK (3.375%); high-yield covenants apply.
Matures July 1, 2030; no redemption prior to Jan 6, 2029; holders' put on fundamental change.

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