Hertz $15 billion LBO to generate $3 billion of bonds in 2006

By Paul A. Harris

St. Louis, Sept. 20 - The approximately $15 billion leveraged buyout of rental car giant The Hertz Corp. will bring $3 billion of high-yield bonds into the new-issue market during 2006, according to an informed source.

Deutsche Bank Securities, Lehman Brothers and Merrill Lynch will be the bookrunners.

The same banks will take part in the bank loan financing.

The LBO deal also contains a fleet securitization that will be led by Lehman Brothers.

The Park Ridge, N.J., company is being acquired by Clayton, Dubilier & Rice Inc., The Carlyle Group and Merrill Lynch Global Private Equity from Ford Motor Co.

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