Hertz to redeem portion of 7 5/8% notes with proceeds from new notes

By Sarah Lizee

Olympia, Wash., Nov. 14 – Hertz Corp. plans to redeem some of its 7 5/8% senior secured second priority notes due 2022 using proceeds from a new offering of notes, according to a press release.

The company announced Thursday that it plans to price $750 million of senior notes due Jan. 15, 2028.

The amount to be redeemed, including the premium and accrued interest, will be about equal to the net proceeds from the new issuance, the company said.

Available cash, if necessary, will also be used to fund the redemption.

Hertz is an Estero, Fla.-based car rental company.

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