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Bond Market News
Hertz Aims to Raise ~$500mn to Strengthen Balance Sheet
April 25, 2025
Hertz is seeking to raise around $500mn in secured debt to strengthen its balance sheet, in a latest update from the news earlier this week. The company is also exploring options like raising equity through an at-the-market offering. Hertz has hired investment bank Ducera Partners to help secure financing for a litigation settlement with bondholders and to extend its revolving credit facility due next year. The company is also negotiating a settlement for a $300mn payout related to its 2020 bankruptcy proceedings. The car rental company’s total debt stands at over $6bn.
Hertz’s 4.625% 2026s were up 0.6 points to trade at 86.24 cents on the dollar, yielding 14.6%.
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