Hertz accepts all series A preferreds for $1.88 billion payment

Chicago, Dec. 22 – Hertz Global Holdings, Inc. announced the final results of its cash tender offer to purchase all 1.5 million outstanding shares of its series A preferred stock in a press release on Wednesday.

Holders tendered all of the preferreds, and Hertz is accepting all of the tenders. Accordingly, Hertz will pay a total of $1,875,000,000 to buy the shares at the previously announced price of $1,250 per share in cash, less any applicable withholding taxes and without interest.

The tender offer expired at midnight ET on Dec. 21.

The company will fund the tender offer with cash, including proceeds from a recently completed offering of senior notes.

The company was also soliciting consents to amend the certificate of designation to eliminate a section so that the company can make certain restricted payments in respect of junior stock.

Hertz received the necessary consents to amend the preferreds; however, it will be unnecessary as all the shares have been tendered.

Computershare Trust Co., NA is serving as the depositary for the tender offer (239 310-7000, investorrelations@hertz.com).

The vehicle rental company is based in Estero, Fla.

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