January 21, 2018 2:19 PM ET

Road and Rail

Company Overview of The Hertz Corporation

Company Overview

The Hertz Corporation engages in the vehicle rental and leasing business. It operates through three segments: U.S. Rental Car, International Rental Car, and All Other Operations segments. The company rents cars, vans, crossovers, and light trucks under the Hertz, Dollar and Thrifty brands from company-owned, licensee, and franchisee locations in the United States, Africa, Asia, Australia, Canada, The Caribbean, Europe, Latin America, the Middle East, and New Zealand. It also offers vehicle leasing and fleet management services, including vehicle financing, acquisition, and remarketing; license, title, and registration; maintenance consultation; fuel management; accident management; toll mana...

8501 Williams Road

Estero, FL 33928

United States

Founded in 1918

36,000 Employees

Phone:

239-301-7000

Key Executives for The Hertz Corporation

CEO, President & Director
Age: 61
Senior Executive VP & CFO
Age: 51
Group President of Rent A Car International
Age: 61
President of Donlen Corporation
Age: 59
Senior VP & Chief Accounting Officer
Age: 51
Compensation as of Fiscal Year 2017.

The Hertz Corporation Key Developments

Ken Wilkinson Files Suit against Hertz Corp. over $14.2 Million Cut in the Tax Valuation

Ken Wilkinson has filed suit against Hertz Corp. over a $14.2 million cut in the tax valuation for the company's Lee headquarters made by the county Value Adjustment Board. The cut in valuation approved by the county Value Adjustment Board triggered a $200,000 property tax refund for the international rental car giant. The suit was filed against Hertz because the dispute is between the landowner and the appraiser. The VAB issued an administrative ruling that is subject to court appeal. The board is not a party to the court action. After a hearing, a special magistrate set the value at $47.5 million and the adjustment board agreed, taking $14.2 million in property values off Lee County's books.

The Hertz Corporation Enters into Agreement to Sell $1.25 Billion Aggregate Principal Amount of 7.625% Senior Second Priority Secured Notes Due 2022 in Private Offering

Hertz Global Holdings Inc. announced that its wholly-owned subsidiary, The Hertz Corporation (Hertz), has entered into an agreement to sell $1.25 billion aggregate principal amount of 7.625% senior second priority secured notes due 2022 in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. The offering is expected to close on or about June 6, 2017, subject to customary closing conditions. The notes will pay interest semi-annually in arrears. The notes are expected to be guaranteed on a senior second priority secured basis by the domestic subsidiaries of Hertz that guarantee its senior credit facilities from time to time. Hertz intends to use a portion of the net proceeds from the issuance of the notes, together with available cash, to redeem in full all of its outstanding $250.0 million aggregate principal amount of 4.25% senior notes due 2018 and $450.0 million aggregate principal amount of 6.75% senior notes due 2019. Hertz intends to use the remaining net proceeds from the issuance of the notes, together with available cash, to refinance certain of its other existing indebtedness in one or more transactions following the consummation of the offering, which may include repayments of outstanding borrowings and/or commitment reductions with respect to its senior credit facilities and/or repurchases, redemptions or retirements of certain of its other senior notes. On May 30, 2017, Hertz provided conditional notices (each, a notice of conditional redemption) to Wells Fargo Bank, National Association, as trustee (the trustee), of its intent to redeem in full its outstanding 2018 notes, pursuant to the Indenture, dated as of October 16, 2012, as supplemented (the 2018 indenture) and 2019 notes, pursuant to the indenture, dated as of February 8, 2011, as supplemented (the 2019 indenture), in each case, among Hertz, the guarantors from time to time party thereto, and the trustee. The redemptions of the 2018 notes and 2019 notes are subject to the satisfaction of specified conditions precedent set forth in the applicable Notice of conditional redemption, including the consummation of the offering of the notes. The notices of conditional redemption were sent by the trustee to the registered holders of the 2018 Notes and 2019 notes in accordance with the requirements of the 2018 Indenture and 2019 Indenture, respectively, on May 30, 2017. The anticipated redemption date is June 29, 2017 or, if the conditions precedent are not satisfied on or prior to June 29, 2017, such later date (but not later than July 29, 2017) as such conditions precedent are so satisfied (such date of such redemption, the “Redemption Date”). The redemption price for the 2018 Notes will be equal to 100.0% of the principal amount of the 2018 Notes, plus the applicable “make-whole”, plus accrued but unpaid interest thereon to the redemption date. The redemption price for the 2019 notes will be equal to 100.0% of the principal amount of the 2019 Notes, plus accrued but unpaid interest thereon to the redemption date.

The Hertz Corporation Proposes $1 Billion Private Offering of Senior Second Priority Secured Notes

Hertz Global Holdings Inc. announced that its wholly-owned subsidiary, The Hertz Corporation ('Hertz'), intends to offer $1 billion aggregate principal amount of senior second priority secured notes, subject to market and other conditions, in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. The Notes will pay interest semi-annually in arrears. The Notes are expected to be guaranteed on a senior second priority secured basis by the domestic subsidiaries of Hertz that guarantee its senior credit facilities from time to time. Hertz intends to use a portion of the net proceeds from the issuance of the Notes, together with available cash, to redeem in full all of its outstanding $250.0 million aggregate principal amount of 4.25% Senior Notes due 2018 and $450.0 million aggregate principal amount of 6.75% Senior Notes due 2019. Hertz intends to use the remaining net proceeds from the issuance of the Notes, together with available cash, to refinance certain of its other existing indebtedness in one or more transactions following the consummation of the Offering, which may include repayments of outstanding borrowings and/or commitment reductions with respect to its senior credit facilities and/or repurchases, redemptions or retirements of certain of its other senior notes.

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