Hertz Global Holdings, Inc - HTZ STOCK NEWS

Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced a private offering of $1.5 billion in senior notes, consisting of $500 million of 4.625% notes due in 2026 and $1 billion of 5.000% notes due in 2029. The offering is expected to close around November 23, 2021. Proceeds will be used to buy back Series A preferred stock and cover offering expenses, with up to $250 million reserved for general corporate purposes. The notes will be guaranteed by Hertz's domestic subsidiaries and pay interest semi-annually. The offering is exempt from Securities Act registration requirements.

On November 17, 2021, Hertz Global Holdings (NASDAQ: HTZ) announced a proposed private offering of $1.5 billion in senior unsecured notes, consisting of $750 million due in 2026 and $750 million due in 2029. The proceeds will be used to repurchase Series A preferred stock and cover related fees. Any excess funds may contribute to general corporate purposes, while the issuance is exempt from the Securities Act registration requirements. The offering aims to strengthen Hertz's financial position amidst evolving market conditions.

Hertz Global Holdings announced an upsized public offering of 44,520,000 shares priced at $29.00 per share, conducted by certain stockholders. The company plans to repurchase 10,344,828 shares for $300 million using cash on hand. A 30-day option allows underwriters to purchase an additional 6,678,000 shares. Trading begins on the Nasdaq Global Select Market on November 9, 2021 under the ticker symbols HTZ and HTZWW, with the offering closing on November 12, 2021.

On May 24, 2021, Hertz reported that more than 80% of Americans surveyed plan to take summer road trips, with 52% beginning their travels in June. The survey indicated that safety is a priority, as 65% prefer rental cars over personal vehicles. The South is expected to be the top travel destination, with 74% of travelers opting to stay within the U.S. Hertz highlighted its commitment to providing a safe and easy rental experience, promoting early bookings, and offering tips for maximizing road trips this summer.

Hertz Global Holdings, Inc. announced that its common stock will start trading exclusively on the over-the-counter market starting October 30, 2020. The decision follows the company's Chapter 11 filing on May 22, 2020, and the NYSE's determination that Hertz was no longer suitable for listing. The stock will trade under the new ticker symbol HTZGQ on the OTC Bulletin Board, as its previous listing on the NYSE will cease on the same date. Investor information and Chapter 11 case details are available on the company's website.

Hertz Global Holdings, Inc. (NYSE: HTZ) announced the appointment of Alexandra (Alex) Brooks as Senior Vice President and Chief Accounting Officer, effective November 1, 2020. Brooks, who has over 25 years of finance and accounting experience, previously served as Senior Vice President, Internal Audit at Hertz since June 2020. Her past roles include positions at Aptiv PLC and General Electric. Hertz's CFO, Kenny Cheung, praised her contributions, stating her expertise will support the company's future.

Hertz Global Holdings (NYSE: HTZ) announced commitments for $1.65 billion in debtor-in-possession (DIP) financing to aid its Chapter 11 restructuring. This financing, subject to court approval, includes up to $1 billion for vehicle acquisitions in the U.S. and Canada and $800 million for working capital. Hertz’s CEO, Paul Stone, expressed optimism about the support from first-lien lenders amid the challenges posed by the pandemic on the travel industry. A court hearing for the financing is scheduled for October 29, 2020.

Hertz Global Holdings announced the appointment of Kenny K. Cheung as Chief Financial Officer, effective September 24, 2020. Cheung, previously Executive VP of Finance and Chief Operational Finance and Restructuring Officer, succeeds R. Eric Esper, who resigned but will assist as Chief Accounting Officer until November 1, 2020. Cheung joined Hertz in December 2018, having previously held roles at Nielsen Holdings and General Electric. CEO Paul Stone expressed confidence in Cheung's financial leadership during this pivotal time for the company.

Hertz Global Holdings (NYSE: HTZ) announced the resignation of CFO Jamere Jackson, effective September 11, 2020. He will assist in the transition. R. Eric Esper has been promoted to CFO, while Kenny K. Cheung takes on a new role as Chief Operational Finance and Restructuring Officer. Both executives have significant experience, with Esper previously serving as Senior Vice President and Chief Accounting Officer since 2018, and Cheung having held various roles at Nielsen and GE. Hertz aims to leverage this leadership to navigate the ongoing challenges posed by the pandemic and its bankruptcy process.