Hertz receives consents to amend all notes, extends some expiration dates

New York, Oct. 31 - Hertz Corp. said it received consents to amend all its notes under its cash tender offer for its various series of notes.

Hertz also said it extended the expiration date to 5 p.m. ET on Nov. 30 from 8 a.m. ET on Nov. 15.

In addition, it extended the date by which holders can receive the total amount to 5 p.m. ET on Nov. 14 from the consent deadline of 5 p.m. ET on Oct. 28 for some notes, namely its: 7 5/8% senior notes due Aug. 15, 2007, 6 5/8% senior notes due May 15, 2008, floating-rate notes due Aug. 5, 2008, 6¼% senior notes due March 15, 2009, 9% senior notes due Nov. 1, 2009 and euro floating-rate notes due July 2007.

For the other notes, holders must have tendered by the early consent deadline of 5 p.m. ET on Oct. 28 to receive the full amount.

The Park Ridge, N.J., car rental firm announced the cash tender offer on Oct. 17 and said it is also soliciting consents to amend the note indentures for the dollar-denominated notes.

Tender prices are either fixed in advance or will be set using a fixed spread over a reference Treasury.

Hertz is offering prices and received response by the consent deadline as follows:

* For its $250 million of 6½% senior notes due May 15, 2006, a price based on a spread of 50 basis points over the 2% U.S. Treasury note due May 15, 2006 and including a consent premium of $30.00 per $1,000. By the consent deadline $157.741 million or 63.10% were tendered;

* For its $500 million of 4.7% senior notes due Oct. 2, 2006, a price based on a spread of 62.5 basis points over the 2 ½% U.S. Treasury note due Sept. 30, 2006 and including a consent premium of $30.00 per $1,000. By the consent deadline $415.325 million or 83.07% were tendered;

* For its $6.9 million of 6.3% senior notes due Nov. 15, 2006, a price based on a spread of 62.5 basis points over the 2 5/8% U.S. Treasury note due Nov. 15, 2006 and including a consent premium of $30.00 per $1,000. By the consent deadline $1.912 million or 27.88% were tendered;

* For its $500 million of 7 5/8% senior notes due Aug. 15, 2007, a price based on a spread of 100 basis points over the 2 ¾% U.S. Treasury note due Aug. 15, 2007 and including a consent premium of $30.00 per $1,000. By the consent deadline $361.341 million or 72.27% were tendered;

* For its $200 million of 6 5/8% senior notes due May 15, 2008, a price based on a spread of 125 basis points over the 3 ¾% U.S. Treasury note due May 15, 2008 and including a consent premium of $30.00 per $1,000. By the consent deadline $155.775 million or 77.89% were tendered;

* For its $300 million of 6¼% senior notes due March 15, 2009, a price based on a spread of 150 basis points over the 2 5/8% U.S. Treasury note due May 15, 2009 and including a consent premium of $30.00 per $1,000. By the consent deadline $221.945 million or 73.98% were tendered;

* For its $99.9 million of 9% senior notes due Nov. 1, 2009, a price based on a spread of 150 basis points over the 3 3/8% U.S. Treasury note due Oct. 15, 2009 and including a consent premium of $30.00 per $1,000. By the consent deadline $95.983 million or 95.98% were tendered;

* For its $250 million of floating-rate notes due Aug. 5, 2008, a price of $1,009.00 per $1,000 including a consent premium of $30.00. By the consent deadline $240.332 million or 96.13% were tendered;

* For its $600 million of 6.35% senior notes due June 15, 2010, a price of $1,000.00 per $1,000 including a consent premium of $30.00. By the consent deadline $534.184 million or 89.03% were tendered;

* For its $500 million of 7.40% senior notes due March 1, 2011, a price of $1,000.00 per $1,000 including a consent premium of $30.00. By the consent deadline $370.510 million or 74.10% were tendered;

* For its $800 million of 7 5/8% senior notes due June 1, 2012, a price of $1,000.00 per $1,000 including a consent premium of $30.00. By the consent deadline $597.004 million or 74.63% were tendered;

* For its $250 million of 6.90% notes due Aug. 15, 2014, a price of $1,000.00 per $1,000 including a consent premium of $30.00. By the consent deadline $225.043 million or 90.02% were tendered;

* For its $250 million of 7% senior notes due Jan. 15, 2028, a price of $1,000.00 per $1,000 including a consent premium of $30.00. By the consent deadline $213.046 million or 85.22% were tendered; and

* For its €200 million floating-rate notes due July 2007 issued by Hertz Finance plc, a price of €1,007.50 per €1,000 principal amount including an early tender premium of €30.00. By the consent deadline €175.097 million or 87.55% were tendered.

For the spread-based pricing, the payment will be the present value of the payment at maturity plus interest up to maturity, discounted using the reference Treasury yield and the fixed spread, minus accrued interest up to but not including the initial settlement date.

Pricing is expected to be set "several business days" before the first date on which Hertz will accept notes for payment.

Holders who tender must deliver consents and vice versa.

The tender is subject to the sale of the company.

Citigroup Corporate and Investment Banking (800 558-3745, or +44 207 986 8969 for the euro notes), Deutsche Bank Securities Inc. (866 627-0391 or +44 207 545 8011 for the euro notes), Goldman, Sachs & Co. (800 828-3182), J.P. Morgan Securities Inc. (866 834-6666 or +44 207 742 7506 for the euro notes) and Lehman Brothers Inc. (800 438-3242 or 212 528-7581) are dealer managers and solicitation agents. Global Bondholder Services Corp. (866 387-1500) is information agent and depositary, and Deutsche Bank Luxembourg SA (+352 42122 460) is Luxembourg tender agent.

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