What's Going On With Hertz Global Stock Today?
Portfolio Pulse from Nabaparna Bhattacharya
Hertz Global Holdings, Inc (NASDAQ:HTZ) shares are trading lower premarket after the company announced the upsize and pricing of a $1 billion offering. The offering includes $750 million of First Lien Senior Secured Notes and $250 million of exchangeable senior second-Lien Secured PIK Notes. The proceeds will be used to pay down a portion of its $2.0 billion revolving credit facility.
June 21, 2024 | 1:20 pm
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Hertz Global Holdings, Inc (NASDAQ:HTZ) shares are trading lower premarket after the company announced the upsize and pricing of a $1 billion offering. The offering includes $750 million of First Lien Senior Secured Notes and $250 million of exchangeable senior second-Lien Secured PIK Notes. The proceeds will be used to pay down a portion of its $2.0 billion revolving credit facility.
The announcement of a $1 billion offering, including $750 million of First Lien Senior Secured Notes and $250 million of exchangeable senior second-Lien Secured PIK Notes, has led to a premarket decline in HTZ shares. The proceeds will be used to pay down debt, which could improve liquidity but also indicates financial stress, leading to a negative short-term impact on the stock price.
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