Hertz UK gives conditional redemption notices for 4 1/8%, 5½% notes

By Sarah Lizee

Olympia, Wash., June 23 – Hertz UK Receivables Ltd. gave conditional notices of redemption for its €225 million 4 1/8% senior notes due 2021 (ISIN: XS1492665770) and €500 million 5½% senior notes due 2023 (ISIN: XS1790929217).

Under Hertz Corp.’s Chapter 11 plan of reorganization, $545.76 million will be paid to Deutsche Bank AG, London Branch as paying agent for distribution to holders of the 4 1/8% notes, and $244.34 million will be paid to the paying agent for distribution to holders of the 5½% notes.

Following the plan payments, the issuer intends to redeem the remaining notes on July 2. The 4 1/8% notes will be redeemed at 101.375 and the 5½% notes will be redeemed at par, in each case plus accrued interest to the redemption date.

The redemptions are conditioned on the issuer receiving enough net cash proceeds on the redemption date to fund the plan payments and the redemption payments.

Hertz UK is an Uxbridge, England-based subsidiary of Hertz Global Holdings, Inc. Hertz is an Estero, Fla.-based car rental company. It filed Chapter 11 bankruptcy on May 22, 2020. The case number is 20-11218.

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