HERC Holdings to price $1 billion eight-year notes on Monday; initial talk 5 5/8% area

By Paul A. Harris

Portland, Ore., June 24 – HERC Holdings Inc. plans to price a $1 billion offering of eight-year senior notes in a quick-to-market Monday trade following a late-morning conference call with investors, according to market sources.

Early guidance has the deal coming to yield in the 5 5/8% area, a trader said.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Credit Agricole CIB and Capital One are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The Bonita Springs, Fla.-based equipment rental company plans to use the proceeds to redeem its second-lien notes and pay down its asset-backed revolving credit facility.

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