E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 10/3/2012 in the Prospect News Bank Loan Daily.

Hertz firms discount on $750 million add-on term loan at discount 99½

By Sara Rosenberg

New York, Oct. 3 - Hertz Global Holdings Inc. finalized the original issue discount on its $750 million 51/2-year add-on term loan at 991/2, the tight end of the 99 to 99½ talk, according to sources.

The loan is priced at Libor plus 275 basis points with a 1% Libor floor, which matches existing term loan pricing.

The add-on has 101 soft call protection for one year.

Deutsche Bank Securities Inc., Barclays and Bank of America Merrill Lynch are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of Dollar Thrifty Automotive Group Inc. for $87.50 per share. The transaction has an equity value of $2.6 billion and a corporate enterprise value of $2.3 billion.

Hertz is a Park Ridge, N.J.-based auto and equipment rental company. Dollar Thrifty is a Tulsa, Okla.-based renter and leaser of vehicles.


© 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.