Hertz Global (HTZ) Prices Share, Convertible Offering

Hertz Global Holdings, Inc. (NYSE: HTZ) priced public offerings of its common stock and convertible senior notes. Total gross proceeds from the offerings and the substantially concurrent private placement to investment funds associated with Clayton, Dubilier & Rice, Inc. and The Carlyle Group, existing stockholders of Hertz Holdings, will be approximately $949 million.

Hertz Holdings agreed to sell 46,000,000 shares of common stock at a public offering price of $6.50 per share. In connection with this offering, Hertz Holdings granted the underwriters a 30-day option to purchase an additional 6,900,000 shares of common stock.

Separately, the investment funds associated with existing stockholders of Hertz Holdings agreed to purchase in the private placement 32,102,728 shares of common stock at a price of $6.23 per share, which is equal to the price per share in the public offering of common stock less the underwriting discounts and commissions payable to the underwriters.

Hertz Holdings also agreed to sell, concurrently with the sale of the common stock, $450 million aggregate principal amount of convertible senior notes due June 1, 2014 in an underwritten registered public offering.