The 5.500% exchangeable senior notes are due 2030

Davis Polk advised Hertz Global Holdings, Inc. and The Hertz Corporation (Hertz) on a Rule 144A offering of $425 million aggregate principal amount of 5.500% exchangeable senior notes due 2030, issued by Hertz. Jefferies LLC and Morgan Stanley & Co. LLC were the joint bookrunners for the offering. In connection with the pricing of the notes, Hertz also entered into privately negotiated cash-settled capped call transactions with certain of the initial purchasers or their affiliates.

Hertz will use a portion of the proceeds to fund the partial redemption or repurchase of its outstanding senior notes.

Hertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries 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, as well as 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 Richard D. Truesdell, Jr. and Pedro J. Bermeo, counsel John H. Runne and associates David Giordano and Kristiana J. Olson. The equity derivatives team included partner Randall Derek Walters, counsel Justin Michael, associates Danielle Forni and Ji Hwan Kim. All members of the Davis Polk team are based in the New York office.

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