Hertz to launch $400 million incremental term loan B on Tuesday

By Sara Rosenberg

New York, Nov. 6 – Hertz Corp. is set to hold a lender call at 11:30 a.m. ET on Tuesday to launch a non-fungible $400 million incremental senior secured term loan B due June 30, 2028, according to a market source.

Barclays, Goldman Sachs Bank USA and others to be announced are the joint lead arrangers and bookrunners on the deal. Barclays is the administrative agent.

The incremental term loan has 101 soft call protection for six months and it is co-terminus with the company’s existing term loan B and term loan C, the source said.

Security is substantially all of the assets of the borrowers and guarantors, subject to customary exclusions and thresholds.

The term loan ranking is pari passu with all existing and future senior debt and senior to all existing and future subordinated debt.

Proceeds will be used to repay outstanding borrowings under the company’s existing senior secured revolving credit facility due 2026, to pay transaction related fees and expenses, and for general corporate purposes.

Hertz is an Estero, Fla.-based car rental company.

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