Hertz poised to launch $3.6 billion bank deal next week, says buyside source

By Paul A. Harris

St. Louis, Oct. 26 - The Hertz Corp. will launch its $3.6 billion credit facility next week, according to a buyside source.

The source added that the deal is expected to be marketed with a comparatively long investor roadshow, likely lasting for about three weeks.

Syndicate sources declined to comment on Wednesday afternoon when contacted by Prospect News.

Deutsche Bank, Lehman Brothers and Merrill Lynch are leading the deal.

The facility is comprised of a $2.1 billion term loan and a $1.5 billion asset-based revolving credit facility.

The company is also expected to sell $3.5 million of high-yield bonds.

Proceeds will be used to help fund the leveraged buyout of the company by Clayton, Dubilier & Rice Inc., The Carlyle Group and Merrill Lynch Global Private Equity from Ford Motor Co.

Hertz is a Park Ridge, N.J., vehicle rental company.

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