| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Hertz Global Holdings Inc. > News item |
Hertz notes jump as stock offering floated; American Airlines rises in travel space
By James McCandless
San Antonio, June 12 – As the market settled for the week, the distressed debt space remained fixed on names tied to potential economic weakness.
Hertz Global Holdings, Inc.’s notes jumped upward after proposing a plan to sell up to $1 billion in common stock to fund its bankruptcy.
The 6¼% senior notes due 2022 rocketed up 13¾ points to close at 50 bid. The 5½% senior notes due 2024 rose 12½ points to close at 48½ bid.
The increased attention on the Estero, Fla.-based car renter’s structure came after subsidiary Hertz Corp. requested court approval to sell common stock through at-the-market transactions for a total offering price of up to $1 billion, Prospect News reported.
Hertz said that the sale would result in the issuance of more than 246,775,008 shares of common stock.
Air travel company American Airlines Group Inc.’s issues rose as the company said that its cash burn would stop by the end of the year.
The 3¾% senior notes due 2025 gained 3 points to close at 55¾ bid. The 5% senior notes due 2022 were lifted 5 points to close at 66 bid.
On Friday morning, the Fort Worth-based airline announced that it expects see cash burn drop to zero by year-end.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.