Hertz's 5.25% notes convertible until Sept. 30 due to stock price

By Toni Weeks

San Diego, June 29 - Hertz Global Holdings, Inc. said that holders may continue to convert the company's $474,737,000 principal amount outstanding of 5.25% convertible senior notes due 2014 until Sept. 30.

The conversion right was triggered because the company's closing stock price exceeded $10.77 for at least 20 out of the 30 consecutive trading days ending on June 30, according to a company press release.

Hertz' stock (NYSE: HTZ) closed at $12.28 on June 28.

The company will settle conversions of the notes using a combination of cash and shares.

Wells Fargo Bank, NA (212 515-5244) is the trustee and conversion agent.

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

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