Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate, vol.3 (2 lettori)


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Hertz Global Holdings Inc. increased the size of a junk-bond sale by a third to $1 billion, as the car-rental company works to bolster its balance sheet after a misstep on its electric vehicle fleet.
The firm priced $750 million of first-lien secured notes maturing in 2029, upsized from $500 million previously, at par to yield 12.625%, according to a person familiar with the matter, tighter than the previous talk of the 12.75% area. The company initially floated a yield in the 13% area to investors.
JPMorgan Chase & Co. is leading the deal. It declined to comment and Hertz didn’t immediately respond to a request for comment.
Hertz received a commitment to purchase up to $500 million of the bonds, it said in a morning statement.
The company is also selling $250 million of second-lien exchangeable notes maturing in 2029. Hertz said it received anchor orders from CK Amarillo LP — a fund set up by Certares Management and Knighthead Capital Management — and another investor to possibly purchase that entire offering.
Those notes were being offered with an 8% coupon and a conversion price between $6 and $7 a share. other people with knowledge of the matter said.
Hertz’s 4.625% bond due 2026 fell 4.75 cents on the dollar to 68.25 cents as of 3:30 p.m. Thursday in New York, according to pricing source Trace, on pace for a record closing low. S&P Global Ratings downgraded Hertz following its capital raising announcement, citing higher debt and interest expenses associated with the new bonds, while Fitch Ratings said it was considering doing the same.

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