We advised Hertz on the offerings

Davis Polk advised Hertz Global Holdings, Inc. and The Hertz Corporation on a Rule 144A offering of $350 million aggregate principal amount of 6.75% exchangeable senior first-lien secured notes due 2030, issued by Hertz. Hertz will use the net proceeds to repay outstanding borrowings under its revolving credit facility and for general corporate purposes.

In connection with the notes, Hertz completed an SEC-registered offering of 37,037,037 shares of its common stock at a public offering price of $2.70 per share. The shares were loaned by Hertz to J.P. Morgan Securities LLC, one of the underwriters of the offering, pursuant to a share lending agreement. Hertz has been informed by the share borrower that it intends to sell the borrowed shares and use the resulting short position to facilitate transactions by which investors in the notes may hedge their investments through short sales or privately negotiated derivatives transactions.

Hertz Global Holdings is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe.

The Davis Polk corporate team included partners Pedro J. Bermeo and Richard D. Truesdell Jr., counsel John H. Runne and associates David Giordano and Ding Yuan. The equity derivatives team included partner Randall Derek Walters, counsel Richard Stockton Bullitt and associates Danielle Forni and Chanique C. Vassell. All members of the Davis Polk team are based in the New York office.

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