Hertz to launch $1.65 billion of term loans on Monday morning

By Sara Rosenberg

New York, June 4 – Hertz Corp. is set to hold a lender call at 11 a.m. ET on Monday to launch up to $1.65 billion of senior secured term loans, according to a market source.

Barclays is the left lead bookrunner on the deal.

The debt consists of a $1.3 billion seven-year first-lien term loan B and an up to $350 million seven-year first-lien term loan C, the source said.

Both term loans have 101 soft call protection for six months.

The term loans rank pari passu with all existing and future senior debt and are senior to all existing and future subordinated debt.

Proceeds will be used to help fund the company’s plan of reorganization.

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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