Hertz issues conditional calls for 5 7/8% and 7 3/8% notes

By Sarah Lizee

Olympia, Wash., July 12 – Hertz Global Holdings, Inc. subsidiary Hertz Corp. provided conditional notices on Friday to Wells Fargo Bank, NA as trustee of its intent to redeem its 5 7/8% senior notes due 2020 and its 7 3/8% senior notes due 2021, according to an 8-K filing with the Securities and Exchange Commission.

The redemptions for each series are conditioned on amount of proceeds received from capital markets offerings, the company said.

The company plans to redeem $699.8 million of the 2020 notes, but it may redeem a lesser amount if it does not receive $700 million or more of proceeds from the capital markets offerings.

Hertz plans to redeem an amount of 2021 notes equal to the net proceeds from the capital markets transactions minus the amount of net proceeds used for the redemption of the 2020 notes.

The redemption price for each series will be par plus accrued interest to the redemption date, which is anticipated for Aug. 11.

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

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