By Paul A. Harris
St. Louis, June 25 - Hertz Holding Netherlands BV priced a €400 million issue of 8½% five-year senior secured notes (B1/B/) at 99.477 to yield 8 5/8% on Friday, according to an informed source.
The yield printed at the wide end of the 8½% area price talk.
The deal was upsized from €275 million.
Barclays Capital and JPMorgan were the physical bookrunners. BNP Paribas, Credit Agricole CIB and Natixis Bleichroeder were the joint bookrunners.
Proceeds will be used to refinance international fleet debt facilities and the Belgian fleet financing facility and for general corporate purposes.
The issuer is a Netherlands-based unit of rental car company Hertz Global Holdings, Inc.
| Issuer: | Hertz Holding Netherlands BV
|
| Face amount: | €400 million, increased from €275 million
|
| Proceeds: | €397,908,000
|
| Maturity: | July 31, 2015
|
| Securities: | Senior secured notes
|
| Bookrunners: | Barclays Capital, JPMorgan (physical books), BNP Paribas, Credit Agricole CIB, Natixis Bleichroeder (joint books)
|
| Coupon: | 8½%
|
| Price: | 99.477
|
| Yield: | 8 5/8%
|
| Spread: | 730.9 bps
|
| First call: | July 31, 2013 at 104.25
|
| Trade date: | June 25
|
| Settlement date: | June 30
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 8½% area
|
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