What's Going On With Hertz Global Stock Today?

Hertz Global Holdings, Inc HTZ shares are trading lower on Friday premarket.

The company revealed the upsize and pricing of $1 billion offerings, which comprised $750 million of First Lien Senior Secured Notes, which represents an upsize from the previously announced $500 million.

The First Lien Notes will be issued at par and will bear interest at a rate of 12.625% per annum. It is payable semi-annually in cash in arrears on January 15 and July 15 of each year, beginning on January 15, 2025, and will mature on July 15, 2029.

The offering also comprises $250 million of exchangeable senior second-Lien Secured PIK Notes issued by its unit, The Hertz Corporation. The exchangeable notes will bear PIK interest at a rate of 8%.

The initial exchange price of the exchangeable notes represents a premium of approximately 89% to the $3.51 closing price of the Common Stock on the Nasdaq Global Select Market on June 20.

The offerings are each expected to close on or about June 28, subject to customary closing conditions.

Hertz Corp. intends to use the net proceeds of the offerings to pay down a portion of its $2.0 billion committed revolving credit facility, improving liquidity. 

Price Action: HTZ shares are trading lower by 1.42% to $3.46 premarket at last check Friday.

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