Published on 9/15/2016 in the Prospect News High Yield Daily.
New Issue: Hertz prices €225 million five-year notes at par to yield 4 1/8%
Portland, Ore., Sept. 15 – Hertz Holdings Netherlands BV priced €225 million five-year senior notes (B) at par to yield 4 1/8% on Tuesday, according to a market source.
Active bookrunner Credit Agricole CIB will bill and deliver. BNP Paribas was also an active bookrunner. Barclays, JPMorgan, Lloyds, Natixis and UniCredit were bookrunners.
Proceeds, together with available cash, will be used to repay amounts outstanding under the fleet vehicle rental company’s European revolver and to finance European fleet operations.
Issuer: | Hertz Holdings Netherlands BV
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Amount: | €225 million
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Maturity: | Oct. 15, 2021
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Securities: | Senior notes
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Active bookrunners: | Credit Agricole CIB (bill and deliver), BNP Paribas
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Bookrunners: | Barclays, JPMorgan, Lloyds, Natixis, UniCredit
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Coupon: | 4 1/8%
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Price: | Par
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Yield: | 4 1/8%
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First call: | Oct. 15, 2018 at 102.125
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Equity clawback: | 40% at 104.125 until Oct. 15, 2018
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Trade date: | Sept. 13
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Settlement date: | Sept. 22
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Rating: | S&P: B
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Distribution: | Rule 144A and Regulation S for life
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