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AP News

Hertz to issue $1.2B in debt to fund acquisition

PARK RIDGE, N.J. (AP) — Hertz Global Holdings Inc. said one of its subsidiaries plans to sell $1.2 billion in senior notes in a private offering to help fund its acquisition of fellow rental car company Dollar Thrifty.

The notes include $600 million in senior notes due in 2020 and $600 million in senior notes due in 2022. The final terms of each series will be determined when they are priced, the company said.

Hertz said it plans to use the offering's proceeds to finance part of its tender offer for Dollar Thrifty Automotive Group Inc.'s shares and refinance some of that company's existing debt. It also plans to use the proceeds to pay fees and expenses and for general corporate purposes.

In August, Park Ridge, N.J.-based Hertz reached a deal to buy Tulsa, Okla.-based Dollar Thrifty for $87.50 per share, or about $2.3 billion.

A Hertz affiliate began a tender offer for Dollar Thrifty shares earlier this month. The tender offer expires on Oct. 5, and the deal remains subject to approval by Dollar Thrifty shareholders.

Hertz shares rose 21 cents to $13.94 in afternoon trading.

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