Conversion Right Triggered On Hertz's Convertible Senior Notes
PARK RIDGE, N.J., March 29, 2013
PARK RIDGE, N.J., March 29, 2013 /PRNewswire/ -- Hertz Global Holdings, Inc.
(the "Company") (NYSE: HTZ) today announced that the Company's 5.25%
Convertible Senior Notes Due 2014 (the "Notes") will continue to be
convertible by holders of the Notes. This conversion right has been triggered
because the Company's closing common stock price per share exceeded $10.77 for
at least 20 trading days during the 30 consecutive trading day period ending
on March 31, 2013. Based on this triggering event, the Notes will be
convertible until June 30, 2013.
If conversion requests are received, the settlement of the Notes will be paid
pursuant to the terms of the Indenture. The Company has elected to settle
conversions of the Notes solely in shares of the Company's common stock, par
value $0.01 per share.
Wells Fargo Bank, National Association, is the Trustee for the holders of the
Notes and Conversion Agent under the Indenture. All questions relating to the
mechanics of the conversion for the Notes should be directed to Martin Reed at
Wells Fargo Bank, National Association, telephone number 212.515.5244 and
address 45 Broadway, 14th Floor, New York, NY 10006.
This press release is only a summary of certain provisions of the Notes and
the Indenture, dated as of May 27, 2009 (the "Indenture"), by and between the
Company and Wells Fargo Bank, National Association. A complete explanation of
the conversion rights of holders of the Notes, as well as the procedures
required to convert Notes, is set forth in the Indenture. All holders are
urged to review the conversion provisions contained in the Notes and the
Indenture in their entirety.
SOURCE The Hertz Corporation
Contact: Investor Relations, Leslie Hunziker, (201) 307-2100,
firstname.lastname@example.org, or Media, Richard Broome, (201) 307-2486,
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