Hertz to sell $1 billion five-year second-lien notes on Wednesday via bookrunner Barclays

By Paul A. Harris

Portland, Ore., May 30 – Hertz Corp. scheduled an investor conference call for 11 a.m. ET on Wednesday to roll out a $1 billion offering of five-year second-lien secured notes, according to a market source.

The deal, via bookrunner Barclays, is also set to price on Wednesday.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon and feature a 101% poison put.

Credit ratings remain to be determined.

The Estero, Fla.-based car rental company plans to use the proceeds to redeem all of its 4¼% senior notes due 2018 and 6¾% senior notes due 2019 as well as other debt, which may include repayments of borrowings and/or commitment reductions with senior credit facilities, and repurchases and/or redemptions of certain of Hertz’s other senior notes.

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