Hertz to offer notes via Private Placement
Hertz Global Holdings Inc announced that it intends to make a private placement offering of some asset-backed notes to fund vehicle purchases and pay back debt.
The car rental firm said Hertz Vehicle Financing LLC, a special purpose limited liability company, plans to sell these notes exclusively to qualified institutional buyers.
It added that the notes may also be offered to investors outside the United States.
In late April, Hertz agreed to buy smaller rival Dollar Thrifty Automotive Group (DTG.N), which is also being eyed by Avis Budget (CAR.N).
Hertz and Avis have both filed with the U.S. regulators for antitrust approval.
Hertz shares were trading up 43 cents, or about 5 percent, at $9.94 Wednesday morning on the New York Stock Exchange.
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