Herc Rentals eyes refinancing to extend asset-backed revolver to 2024

By Wendy Van Sickle

Columbus, Ohio, June 25 – Herc Rentals Inc. plans to refinance asset-backed revolving credit agreement to extend the maturity date and add Herc Holdings Inc. as a borrower, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the maturity would be extended to 2024 from 2021.

Additionally, the refinancing would allow the U.S. borrowers to borrow based on the value of assets owned by Canadian subsidiaries that are included in the borrowing base.

The total commitments would be unchanged.

The company expects to refinancing to occur after conclusion of its offering of $1.2 billion of eight-year senior notes (B3/B+), which priced at par to yield 5½% in a quick-to-market trade on Monday.

The equipment rental company is based in Bonita Springs, Fla.

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