Hertz to price $750 million senior notes in Thursday drive-by; initial talk 6% area

By Paul A. Harris

Portland, Ore., Nov. 14 – Hertz Corp. plans to price a $750 million offering of senior notes due Jan. 15, 2028 (existing ratings B3/B-) in a quick-to-market Thursday trade following a late-morning conference call with investors, according to market sources.

Initial price talk has the notes coming to yield in the 6% area.

Lead left bookrunner Barclays will bill and deliver. Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc. and RBC Capital Markets LLC are the joint bookrunners.

BofA Securities Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., CIBC World Markets, Citizens Capital Markets Inc., HSBC Securities (USA) Inc., Lloyds Securities LLC, Natixis Securities Americas LLC and Scotia Capital (USA) Inc. are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Estero, Fla.-based car rental company plans to use the proceeds to redeem a portion of its 7 5/8% senior secured second priority notes due 2022.

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