Hertz driving by with $250 million five-year bullet notes Thursday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., March 14 - The Hertz Corp. is planning to sell $250 million senior notes due 2018 (existing ratings B2/B) on Thursday, according to a market source.

BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A with registration rights deal.

The notes will be non-callable and feature a make-whole call at Treasuries plus 50 bps.

The notes carry a three-year 35% equity clawback and 101% poison put.

The company intends to use the proceeds to replenish a portion of its liquidity after repurchasing shares of common stock.

Hertz is a Park Ridge, N.J.-based car rental business.

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