New Issue: Hertz Holdings Netherlands prices €500 million five-year notes at par to yield 5˝%

By Paul A. Harris

Portland, Ore., March 9 – Hertz Holdings Netherlands BV priced a €500 million issue of five-year senior notes (B3/BB-) at par to yield 5 ˝% on Friday, according to a market source.

Physical bookrunner Credit Agricole-CIB will bill and deliver. BNP Paribas was also a physical bookrunner.

Barclays, Deutsche Bank, Lloyds, Natixis and RBC were joint bookrunners.

The Netherlands-based wholly owned subsidiary of Estero, Fla. vehicle rental company Hertz Global Holdings, Inc. plans to use the proceeds to redeem all of its outstanding 4 3/8% senior notes due 2019 and to repay borrowings under its European revolving credit facility.

Issuer:	Hertz Holdings Netherlands BV
Amount:	€500 million
Maturity:	March 30, 2023
Securities:	Senior notes
Physical bookrunners:	Credit Agricole-CIB (bill and deliver), BNP Paribas
Joint bookrunners:	Barclays, Deutsche Bank, Lloyds, Natixis, RBC
Coupon:	5˝%
Price:	Par
Yield:	5˝%
Spread:	547 bps
First call:	Make-whole call at Bunds plus 50 bps until March 30, 2020, then callable at 102.75
Equity clawback:	40% at 105.5 until March 30, 2020
Trade date:	March 9
Settlement date:	March 23
Ratings:	Moody’s: B3
	S&P: BB-
Distribution:	Rule 144A and Regulation S

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