Hertz Global Holdings plans to raise $750 million through secured notes offerings to improve its liquidity and pay down part of its $2 billion revolving credit facility. This move comes as the rental car firm seeks to shore up its balance sheet following a failed bet on electric vehicles. The company is offering a yield of about 13% on a $500 million junk bond sale, reflecting investor demand for higher yields reminiscent of the Milken era. Additionally, Hertz plans to accelerate EV fleet dispositions to boost revenue and cut costs.
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Hertz shares and bonds are driving lower today as the company issues a new $750 million high-yield bond deal to investors https://t.co/KgVPa2740n
📣 JUST IN: $HTZ Hertz Plans $750M Notes Offering to Improve Liquidity $CAR $TSLA 👉 Key Highlights: 📍 Hertz to raise $750 million through secured notes offering. 📍 Proceeds to pay down part of $2 billion revolving credit facility. 📍 Funds to improve Hertz's liquidity… https://t.co/aqo8Gyrt57
Hertz to accelerate EV fleet dispositions, boost revenue, & cut costs "If...we are unable to sell our fleet at such prices, under certain circumstances cash infusions may be required...which could materially adversely affect our financial condition & liquidity" $HTZ: +2.3% PM https://t.co/SYSp1aCog7
Rental car firm Hertz plans to raise $750 mln through notes https://t.co/5OFhsIMEVH https://t.co/saRLaCgoE8
🔵 RENTAL CAR FIRM HERTZ PLANS TO RAISE $750 MILLION THROUGH NOTES Hertz Global Holdings said on Thursday it intends to raise $750 million through secured notes offerings, as it looks to shore up its balance sheet after a failed bet on electric vehicles. Full Story via Reuters… https://t.co/nULZERXkws
$HTZ - Hertz offers yield of about 13% on $500M junk bond sale as investors demand Milken-era yields. https://t.co/1tSTOSCrU7