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Bond Market News
Hertz Seeks to Extend Upcoming Debt Maturities
October 1, 2026
Car rental company Hertz Global is working with adviser PJT Partners to extend its upcoming debt maturities. Hertz has a $200mn 4.63% bond maturing on December 1, alongside $2.7bn of loans due in 2028. According to sources, PJT has approached some Hertz debt investors in recent weeks about a potential amend-and-extend transaction. The company reported liquidity of nearly $1bn in 2Q2026, which is more than sufficient to repay the December maturity. Hertz also raised $350mn through convertible notes in June. The company continues to face pressure from heavy vehicle depreciation costs and volatile finances. Its shares closed at $1.68, near their lowest level since 2021, when Hertz had emerged from bankruptcy.
Hertz’s 5.0% 2029s were trading at 32.7 cents on the dollar.
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– Ritish G
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