Hertz launches repricing of ABL, institutional bank debt

By Sara Rosenberg

New York, Jan. 30 - The Hertz Corp. held a conference call on Tuesday to launch a repricing of its asset-based revolver, term loan B and synthetic letter-of-credit facility, according to a market source.

Deutsche Bank is the lead bank on the deal.

Under the proposal, the company is looking to reprice its asset-based revolver at Libor plus 150 basis points from Libor plus 175 bps, and both its term loan B and synthetic letter-of-credit facility at Libor plus 175 bps from Libor plus 200 bps, the source said.

The term loan B and synthetic letter-of-credit facility will carry a step down to Libor plus 150 bps when leverage falls below 3.0 times.

In addition, the company will repay $550 million of the term loan B debt.

Hertz is a Park Ridge, N.J, vehicle rental organization.

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