Hertz sets Nov. 29 launch for $3.6 billion credit facility

By Sara Rosenberg

New York, Nov. 22 - The Hertz Corp. has firmed up timing on its proposed $3.6 billion credit facility as a bank meeting has been scheduled for the morning of Nov. 29 to launch the deal to retail investors, according to sources.

Deutsche Bank, Lehman Brothers and Merrill Lynch are the lead banks on the deal, with Deutsche the left lead.

The facility was previously said to consist of a $2.1 billion term loan and a $1.5 billion asset-based revolver, however the structure is still moving around and could change prior to launch, one source said.

Syndication has already somewhat begun on the massive credit facility as the deal has been presented to senior managing agents.

Proceeds from the credit facility will be used to help fund the acquisition of Hertz, a Park Ridge, N.J, vehicle rental organization, by Clayton, Dubilier & Rice Inc., The Carlyle Group and Merrill Lynch Global Private Equity from Ford Motor Co. in a transaction valued at $15 billion.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.