Hertz talks €425 million five-year bullet notes to yield 4¼%-4½%

By Paul A. Harris

Portland, Ore., Nov. 12 - Hertz Holdings Netherlands BV talked a €425 million offering of non-callable senior notes due 2018 (expected ratings B2/B) to yield 4¼% to 4½%, according to a market source.

The books closed at the close of business on Tuesday for investors in the United States and are scheduled to close on Wednesday morning for investors in Europe.

The deal is expected to price on Wednesday.

Joint bookrunner Barclays will bill and deliver for the Rule 144A and Regulation S for life offering. Credit Agricole CIB, Deutsche Bank, JPMorgan, Natixis and Wells Fargo are also joint bookrunners.

Proceeds will be used to refinance the outstanding 8½% euro-denominated notes due 2015 at 104.25.

The issuer is a subsidiary of Hertz Global Holdings, Inc., a Park Ridge, N.J.-based car rental company.

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