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 $500 million aggregate principal amount of 12.625% first-lien senior secured notes due 2029, issued by The Hertz Corporation. J.P. Morgan Securities LLC and Barclays Capital Inc. were the joint global coordinators and joint bookrunners for the offering. The notes are a reopening of the $750 million 12.625% first-lien senior secured notes due 2029, issued on June 28, 2024.

Concurrent with the offering, Davis Polk advised Hertz on a solicitation of consents from the holders of its existing 12.625% first-lien senior secured notes due 2029 and the holders of its 8.000% exchangeable senior second-lien PIK notes due 2029, to amend certain provisions of the indentures governing each series of notes.

Hertz used the proceeds from the offering to repay outstanding borrowings under its revolving credit facility and to pay the consent fees and other expenses associated with the consent solicitations.

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 capital markets team included partners Richard D. Truesdell Jr. and Pedro J. Bermeo, counsel John H. Runne and associates Logan Crossley and Ryan Mainous. The finance team included partners James A. Florack and David J. Kennedy and counsel Benjamin Cheng. The tax team included partner Lucy W. Farr and associate Michelle Zhao. All members of the Davis Polk team are based in the New York office.

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