Hertz updates surface; 84 Lumber, TekniPlex, Iqvia, Flutter, System One set price talk

By Sara Rosenberg

New York, Nov. 13 – In the primary market on Tuesday, Hertz Corp. increased the size of its non-fungible incremental senior secured term loan B, finalized the spread at the low end of talk and set the original issue discount at the tight end of guidance.

Also, 84 Lumber Co., TekniPlex Inc. (Trident TPI Holdings Inc.), Iqvia Inc., Flutter Entertainment plc and System One released price talk with launch, and IMA Financial Group and PremiStar joined this week’s new issue calendar.

In its deal, Hertz lifted its non-fungible incremental senior secured term loan B due June 30, 2028 to $500 million from $400 million, firmed pricing at SOFR plus 375 basis points, the low end of the SOFR plus 375 bps to 400 bps talk, and set the original issue discount at 98, the tight end of the 97.5 to 98 talk, a market source said.

As before, the incremental term loan has a 0% floor and 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Monday, the source added.

Barclays, Goldman Sachs Bank USA and others to be announced are the joint lead arrangers and bookrunners on the deal. Barclays is the administrative agent.

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