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Hertz plans to refinance notes due 2020, maybe 7 3/8% notes due 2021
By Devika Patel
Knoxville, Tenn., May 7 – Hertz Global Holdings, Inc. intends to refinance its corporate debt due in October 2020 as part of its plan to de-risk the company’s balance sheet.
“In the U.S., we’ve got an important debt refinancing on deck,” president and chief executive officer Kathryn V. Marinello said Tuesday on the company’s earnings conference call for the first quarter ended March 31.
“In the near term, we are evaluating refinancing our corporate debt maturing in October 2020 as we further de-risk the balance sheet,” executive vice president and chief financial officer Jamere Jackson said on the call.
The company may also consider refinancing its 7 3/8% bond that matures just a few months after the 2020 bonds in 2021.
“We’ll certainly be opportunistic about that,” Jackson said.
“In the near term, we’re focused on the 2020 stack.
“If we were in the market and the pricing was right and we had enough opportunity to upsize and de-risk some more, we would certainly take a look at the 2021 stack as well, but we’re focused on de-levering and de-risking the balance sheet, so we’ll do what’s best for the company as it relates to refinancing.”
Adjusted EBITDA was $22 million for the quarter, compared to $20 million for the same period last year.
Cash and cash equivalents were $554 million as of March 31, compared to $1.13 billion as of Dec. 31.
Total debt was $17.26 billion as of March 31, compared to $16.32 billion as of Dec. 31.
Net non-vehicle debt was $3.9 billion as of March 31, compared to $3.33 billion as of Dec. 31.
Hertz is a car rental company based in Estero, Fla.
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