Hertz greenshoe exercised, raising convertibles to $474.76 million

New York, June 3 - Hertz Global Holdings Inc. said the underwriters of its offering of five-year convertible senior notes partially exercised the over-allotment option, raising the size of the deal to $474.755 million.

The company original priced $450 million of the securities after the close on May 20 to yield 5.25% with a 27.5% initial conversion premium.

J.P. Morgan Securities Inc., Goldman, Sachs & Co., Merrill Lynch & Co. and Barclays Capital Inc. were bookrunners for the off-the-shelf sale.

The underwriters have now exercised $24.755 million of the $67.3 million greenshoe. They also increased the 46 million share sale by 6.9 million shares.

Hertz intends to use the proceeds from the offerings to increase its liquidity and for general corporate purposes, including the repayment of consolidated debt.

Hertz is a Park Ridge, N.J.-based auto and equipment rental company.

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