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Hertz gets lender OK to buy back $500 million of term debt via tenders
By Sara Rosenberg
New York, April 6 - Hertz Global Holdings Inc. completed the amendment to its credit facility that allows it to repurchase up to $500 million of its term loan debt through tender offers, according to an 8-K filed with the Securities and Exchange Commission on Monday.
The repayments can be made at a discount, with the size of the discount to be set through a modified Dutch auction.
Under the amendment, the company has one year to repurchase the term loan debt and can only execute four tenders during that one-year period.
In order to be able to tender for the debt, the company has to meet a minimum liquidity test of $1 billion split between cash and its asset-based revolving credit facility.
The amendment was effective on March 31.
Deutsche Bank is the administrative agent on the deal.
Hertz is a Park ridge, N.J.-based car rental brand.
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