Hertz Global Holdings announced the completion of its offering of $425 million aggregate principal amount of 5.500% Exchangeable Senior Notes due 2030. This amount includes the full exercise of the initial purchasers' option to acquire an additional $50 million in principal amount of the notes.
The successful completion of this offering further strengthens Hertz's financial position, with the company noting the involvement of Pershing Square Capital Management L.P. as an affirmation of confidence in its turnaround strategy. Chief Financial Officer Scott Haralson highlighted that the oversubscription of the offering and increased economic exposure from key investors underscore belief in the company's strategy.
The proceeds from this offering are intended to support the company's ongoing corporate transformation. This financing move is a key step in managing Hertz's debt maturities and providing flexibility to execute its strategic initiatives aimed at achieving sustainable profitability.
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