By Paul A. Harris
Portland, Ore., March 14 - Hertz Corp. priced a $250 million issue of non-callable five-year senior notes (B2/B/) at par to yield 4¼% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 4¼% to 4 3/8% yield talk.
BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and Goldman Sachs & Co. were the joint bookrunners for the quick-to-market deal.
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.
| Issuer: | Hertz Corp.
|
| Amount: | $250 million
|
| Maturity: | April 1, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co.
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Spread: | 338 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Equity clawback: | 35% at 104.25 until April 1, 2016
|
| Change-of-control put: | 101%
|
| Trade date: | March 14
|
| Settlement date: | March 28
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 4¼% to 4 3/8%
|
| Marketing: | Quick to market
|
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