Hertz to reduce revolver availability by $150 million via new notes

By Tali Rackner

Minneapolis, June 29 – Hertz Corp. plans to reduce the amount of available commitments under its senior secured revolving credit facility by $150 million using the proceeds from a new note offering, according to an 8-K filing with the Securities and Exchange Commission.

The company recently priced an upsized $1.25 billion issue of 7 5/8% senior second-priority secured notes due 2022. It used about $255 million of the proceeds to pay principal and applicable premium in connection with the redemption of all of its outstanding 4¼% senior notes due 2018.

Hertz is a car rental company based in Estero, Fla.

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