(RTTNews) - Hertz Global Holdings (HTZ), a vehicle rental company, on Thursday announced the pricing of a SEC-registered offering of 37 million shares of common stock, par value $0.01 per share, at a public offering price of $2.70 per share.
The company said that the gross proceeds from the share offering are expected to be approximately $100 million.
The company said the shares will be sold to facilitate hedging transactions by investors in Hertz's exchangeable senior first-lien secured PIK notes due 2030.
The share offering is contingent on the closing of Hertz's previously announced private offering of exchangeable senior first-lien secured PIK notes due 2030, while the notes offering is not contingent on the closing of the share offering.
The shares will be loaned to J.P. Morgan Securities LLC under a share lending agreement. J.P. Morgan or its affiliates will receive all proceeds from the offering, while Hertz will receive only a nominal lending fee.
On Wednesday, Hertz closed trading 40.71% lesser at $3.0000 on the Nasdaq.
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