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Hertz Holdings Netherlands updates on consents from noteholders
By Rebecca Melvin
New York, Sept. 30 – Hertz Holdings Netherlands BV announced on Wednesday the amount of consents received from holders of its €225 million of 4 1/8% senior notes due 2021 (ISINs: XS1492665770 and XS1492665267) and its €500 million of 5½% senior notes due 2023 (ISINs: XS1790929217 and XS1790940883) to amend each note indenture, according to a news release.
As of 12 p.m. ET on Tuesday, holders of 58.93% of the principal amount of the 2023 notes, and 41.57% of the principal amount of the 2021 notes had provided consents.
The consent solicitation expired at 11 a.m. ET on Wednesday.
The issuer is seeking to extend the temporary waiver until Dec. 31 relating to certain events of default under the indentures relating to bankruptcy of the parent guarantor of the notes as well as any cross payment default or acceleration and/or judgment defaults in the indentures and make certain other changes to the covenants and the events of default provisions.
The issuer was offering a consent fee of €5 per each €1,000 principal amount of notes for which consents are delivered by the deadline, if the amendments are approved.
For each series, adoption of the amendments required consents from holders of a majority in principal amount of the notes.
Lucid Issuer Services Ltd. (+44 20 7704 0880 or hertz@lucid-is.com) is the information and tabulation agent.
The Netherlands-based company is a wholly owned subsidiary of Estero, Fla., vehicle rental company Hertz Global Holdings, Inc., which filed petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware in May.
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