By Paul A. Harris
St. Louis, Dec. 6 - Hertz Global Holdings priced a $500 million issue of 10-year senior notes (B2/CCC+/BB-) at par to yield 7 3/8% on Monday, according to an informed source.
The yield printed in the middle of the 7¼% to 7½% price talk.
J.P. Morgan Securities LLC, Barclays Capital Inc., Bank of America Merrill Lynch and Deutsche Bank Securities Inc. managed the quick-to-market sale.
Proceeds will be used to repay debt.
The issuer is a Park Ridge, N.J.-based vehicle rental company.
| Issuer: | Hertz Global Holdings
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2021
|
| Securities: | Senior notes
|
| Managers: | J.P. Morgan Securities LLC, Barclays Capital Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc.
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 446 bps
|
| Trade date: | Dec. 6
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: CCC+
|
| Fitch: BB-
|
| Distribution: | Rule 144A
|
| Price talk: | 7¼% to 7½%
|
| Marketing: | Quick to market
|
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