Hertz Global Holdings priced a registered offering of 37 million shares of common stock at $2.70 per share, expecting gross proceeds of approximately $100 million. 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 the previously announced private notes offering, while the notes offering is not contingent on the share offering. The shares will be loaned to J.P. Morgan Securities under a share lending agreement, with J.P. Morgan or its affiliates receiving all proceeds and Hertz receiving only a nominal lending fee. Hertz's stock closed 40.71% lower at $3.00 on the Nasdaq on Wednesday.
Hertz Global Holdings IncHertz prices a dilutive 37M share offering at $2.70, causing stock to drop 40.71%