We advised Hertz on the transactions

Davis Polk advised Hertz Global Holdings, Inc. and The Hertz Corporation on a Rule 144A / Regulation S offering of $750 million aggregate principal amount of 12.625% first-lien senior secured notes due 2029 and on a concurrent Rule 144A offering of $250 million aggregate principal amount of 8.000% exchangeable senior second-lien secured PIK notes due 2029, each issued by The Hertz Corporation.

Hertz used the proceeds from the offerings to pay down a portion of its $2 billion committed revolving credit facility.

Hertz operates the Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. Hertz is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Additionally, Hertz owns and operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.

The Davis Polk corporate team included partners Louis L. Goldberg, Richard D. Truesdell Jr. and Pedro J. Bermeo, counsel John H. Runne and associates Logan Crossley, Benjamin Guillon and Blair Shi. The equity derivatives team included partner Derek Walters and associates Danielle Forni, Ari Spitzer and Melissa X. Estrada. The finance team included partner James A. Florack, counsel David J. Kennedy and Benjamin Cheng and associates Zach Strother and Eva Wang. All members of the Davis Polk team are based in the New York office.

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