Simpson Thacher represented the initial purchasers in connection with a Rule 144A/Regulation S offering (the “Offering”) by The Hertz Corporation (“Hertz”) of $500 million aggregate principal amount of 12.625% Senior First-Lien Secured Notes due 2029 (the “Additional First-Lien Notes”). The Additional Frist Lien Notes were issued as additional notes under an existing indenture pursuant to which Hertz previously issued $750 million aggregate principal amount of 12.625% Senior First-Lien Secured Notes due 2029 (the “Existing First Lien Notes”). The Firm concurrently represented J.P. Morgan Securities LLC as the solicitation agent in connection with Hertz’s solicitations of consents (the “Consent Solicitations”) from holders of its Existing First-Lien Notes and 8.000% Exchangeable Senior Second-Lien Secured PIK Notes due 2029 (the “Exchangeable Notes” and, together with the Existing First-Lien Notes, the “Existing Notes”) to effect certain proposed amendments to the Existing Notes. Hertz intends to use the net proceeds from the Offering to repay outstanding borrowings under its first-lien revolving credit facility and to pay the consent fees and other expenses associated with the Consent Solicitations.
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, Christopher Flynn and Sebastian Edin (Capital Markets); Jonathan Pall and Dov Gottlieb (Collateral); Jonathan Cantor, Michael Mann and Ruoxi Zhang (Tax); Linda Barrett and Mtume Sangiewa (Executive Compensation and Employee Benefits); Andrew Kofsky (Labor); Courtney Welshimer, Paige Brinton and Christian Bond (Intellectual Property); Timothy Gallagher (Real Estate); and Jennie Getsin (Blue Sky).