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Hertz Global Holdings Inc's HDTFS, Inc Announces Pricing of $1.2 Billion Private Offering of Senior Notes


Monday, 1 Oct 2012 05:37pm EDT 

Hertz Global Holdings Inc announced that a newly-formed, wholly-owned subsidiary of the Company, HDTFS, Inc. (the Escrow Issuer), has entered into an agreement to sell $700,000,000aggregate principal amount of 5.875% Senior Notes due 2020 (the 2020 Notes) and $500,000,000aggregate principal amount of 6.250% Senior Notes due 2022 (the 2022 Notes and, together with the 2020 Notes, the Notes) in a private offering (the Offering) exempt from the registration requirements of the Securities Act of 1933, as amended. The closing of the Offering is expected to occur on or about October16, 2012, subject to customary closing conditions. Each series of Notes will pay interest semi-annually in arrears. Following the release of proceeds of the Offering from escrow to Hertz upon satisfaction of the escrow conditions, Hertz intends to use the entire net proceeds from the Offering to finance or refinance a portion of the consideration payable in the Tender Offer and subsequent merger of a wholly-owned subsidiary of Hertz with and into Dollar Thrifty (the Acquisition), to refinance certain existing indebtedness of Dollar Thrifty (including by providing funds to Dollar Thrifty for such purpose) following the consummation of the Tender Offer, to pay fees and expenses incurred in connection with the foregoing transactions and/or to finance the working capital and business requirements, and for general corporate purposes, of Hertz and its subsidiaries.