Hertz to start roadshow Wednesday in Europe for $2.8 billion dollar/euro two-part deal

By Paul A. Harris

St. Louis, Nov. 28 - Hertz Corp. will start a roadshow Wednesday in Europe for its $2.80 billion equivalent bond offering, according to a bookrunning source.

A U.S. roadshow is set to get underway on Dec. 5. Pricing is expected to take place in the early to middle part of the Dec. 12 week.

The Park Ridge, N.J., vehicle rental company plans to sell $2.2 billion equivalent of eight-year senior notes (expected ratings B1/B), with four years of call protection, and $600 million of 10-year senior subordinated notes (expected ratings B3/B), with five years of call protection.

Hertz plans to issue both the senior and subordinated notes in dollar-denominated and euro-denominated tranches. The tranche sizes remain to be determined.

Deutsche Bank Securities, Lehman Brothers, JP Morgan, Goldman Sachs & Co. and Merrill Lynch & Co. will be joint bookrunners.

The company will also obtain a $3.85 billion credit facility.

Proceeds will be used to help fund the $15 billion leveraged buyout of the company by Clayton, Dubilier & Rice Inc., The Carlyle Group and Merrill Lynch Global Private Equity from Ford Motor Co.

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