Hertz Global to repay term loan with IPO proceeds

By Sara Rosenberg

New York, July 14 - Hertz Global Holdings Inc. plans on repaying its recently obtained $1 billion term loan using proceeds from its proposed initial public offering, according to an S-1 filed with the Securities and Exchange Commission Friday.

The term loan that was completed on June 30 was used to pay a dividend to Hertz Holdings' stockholders and related fees and expenses.

Any remaining IPO proceeds will be used for general corporate purposes, which may include the repayment of borrowings under Hertz Corp.'s senior credit facilities, the filing added.

Hertz is a Park Ridge, N.J, vehicle rental organization.

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