By Paul A. Harris
Portland, Ore., Nov. 13 - Hertz Holdings Netherlands BV priced a €425 million issue of non-callable senior notes due Jan. 15, 2019 (expected ratings B2/B) at par to yield 4 3/8% on Wednesday, according to a syndicate source.
The yield printed in the middle of the 4¼% to 4½% yield talk.
Joint bookrunner Barclays will bill and deliver. Credit Agricole CIB, Deutsche Bank, JPMorgan, Natixis and Wells Fargo were 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.
| Issuer: | Hertz Holdings Netherlands BV
|
| Amount: | €425 million
|
| Maturity: | Jan. 15, 2019
|
| Securities: | Senior notes
|
| Bill and deliver: | Barclays
|
| Joint bookrunners: | Barclays, Credit Agricole CIB, Deutsche Bank, JPMorgan, Natixis, Wells Fargo
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 371 bps
|
| Call protection: | Non-callable
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 20
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 4¼% to 4½%
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
