Hertz term loan strengthens in trading with earnings news; Watlow reveals price talk

By Sara Rosenberg

New York, Oct. 27 – Hertz Global Holdings Inc.’s term loan gained some ground in the secondary market on Thursday after the company released third quarter results that were better than analyst estimates for earnings per share and showed a year-over-year improvement in revenues.

Hertz’s term loan moved up on Thursday after the company disclosed third quarter earnings, with one source quoting the debt at 96 1/8 bid, 96 7/8 offered, versus 95 7/8 bid, 96 5/8 offered on Wednesday, and another source quoting it at 96 bid, 97 offered, up from 95¾ bid, 96¾ offered.

For the third quarter, Hertz reported GAAP net income of $577 million, or $1.33 per diluted share, compared to GAAP net income of $608 million, or $1.13 per diluted share, in the third quarter of 2021. Adjusted net income for the quarter was $410 million, or $1.08 per adjusted diluted share, versus $587 million, or $1.20 per adjusted diluted share in the comparable period last year.

Meanwhile, in the primary market Watlow Electric Manufacturing Co. came out with price talk on its incremental term loan in connection with its lender call.

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