Simpson Thacher represented the initial purchasers in connection with a Rule 144A/Regulation S offering by The Hertz Corporation (“Hertz”) of US$750 million aggregate principal amount of 12.625% Senior First-Lien Secured Notes due 2029 (the “First-Lien Notes Offering”). The First-Lien Notes Offering was upsized from US$500 million to US$750 million. Concurrently, the Firm also represented the initial purchasers in connection with a Rule 144A offering by Hertz of US$250 million aggregate principal amount of 8.000% Exchangeable Senior Second-Lien Secured PIK Notes due 2029 (together with the First-Lien Notes Offering, the “Offerings”). Hertz intends to use the net proceeds from the Offerings to repay outstanding borrowings under its first-lien revolving credit facility and to pay the fees, costs and expenses relating to the Offerings.
Hertz, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. Hertz is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Additionally, Hertz owns and operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.
The Simpson Thacher team included Roxane Reardon, John C. Ericson, John O'Connell, Patrick Baron, Matt Hart, Julie Ledermann, Ben Pittenger, Melissa Lewis, Minaal Wickremesinghe and Jacqueline Lin (Capital Markets); Jonathan Pall, Soogy Lee, Dov Gottlieb and Ashley Gherlone (Collateral); Jonathan Cantor, Michael Mann and Ruoxi Zhang (Tax); Linda Barrett and Mtume Sangiewa (Executive Compensation and Employee Benefits); Courtney Welshimer and Paige Brinton (Intellectual Property); Timothy Gallagher (Real Estate); and Jennie Getsin (Blue Sky).