Hertz Global Hld Stock Price, News & Analysis

Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced plans to issue rental car asset-backed notes totaling $1.15 billion through its subsidiary Hertz Vehicle Financing III LLC. The offering comprises three series of notes with principal amounts of $333.3 million each for Series 2022-3 and Series 2022-4, and $333.34 million for Series 2022-5. Proceeds will primarily be used to repay existing notes and for vehicle acquisitions to support Hertz's U.S. rental car fleet. The notes will be offered privately and exempt from the Securities Act's registration requirements.

Hertz Global Holdings (HTZ) reported strong fourth quarter results for 2021, with revenues of $1.9 billion, a 78% increase from Q4 2020, although down 9% from Q4 2019. Adjusted earnings per share reached $0.91, and Adjusted Corporate EBITDA was $628 million. For the full year, total revenues hit $7.3 billion, with an adjusted EPS of $4.39 and a record EBITDA of $2.1 billion. The company ended 2021 with $3.2 billion in liquidity, after repurchasing shares and preferred stock during Q4.

Hertz has appointed Stephen M. Scherr as its new Chief Executive Officer, effective February 28, 2022. Scherr aims to transform the company by focusing on shared mobility, electrification, and a digital-first customer experience. With nearly 25,000 employees, Hertz seeks to enhance growth and create value through innovative fleet management. Scherr, who previously spent 30 years at Goldman Sachs, is recognized for his strategic leadership and experience in building partnerships. The company also thanks interim CEO Mark Fields for his contributions during the recent relisting.

Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced its intention to release fourth quarter 2021 financial results on February 23, 2022, at 4:00 p.m. ET, followed by an earnings call at 5:00 p.m. ET. The earnings press release will provide further details, with financial materials accessible on Hertz's Investor Relations website. Hertz is a leading global vehicle rental company, operating the Hertz, Dollar, and Thrifty brands, among others, across numerous international markets.

Hertz Global Holdings (NASDAQ: HTZ) announced the completion of its tender offer for all outstanding Series A Preferred Shares, which concluded on December 21, 2021. The company accepted all tendered shares at a price of $1,250.00 per share, totaling $1.875 billion. The requisite consent for the proposed amendment was obtained, but the amendment is no longer necessary as all shares were tendered. Payment to shareholders will be issued promptly in cash, with applicable taxes withheld.

Hertz Global Holdings (NASDAQ: HTZ) has authorized a $2.0 billion share repurchase program, effective immediately. This includes an initial $200 million from a previous authorization. The program aims to enhance shareholder value and maintain a Net Corporate Leverage of no more than 1.5x. Repurchases can occur through various methods at management's discretion and have no time limit, allowing flexibility in execution.

Hertz Global Holdings, Inc. (NASDAQ: HTZ) has initiated a tender offer to buy back its outstanding Series A Preferred Stock at $1,250.00 per share, set to expire on December 21, 2021. The company plans to utilize available cash, including proceeds from a recent senior notes offering, for the purchase. Concurrently, Hertz is seeking consent from Series A shareholders to amend its certificate of designation regarding restricted payments. With 1,500,000 Series A shares outstanding, the approval from a majority holder, Apollo Capital Management, is expected.

Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced a private offering of $1.5 billion in senior notes, consisting of $500 million of 4.625% notes due in 2026 and $1 billion of 5.000% notes due in 2029. The offering is expected to close around November 23, 2021. Proceeds will be used to buy back Series A preferred stock and cover offering expenses, with up to $250 million reserved for general corporate purposes. The notes will be guaranteed by Hertz's domestic subsidiaries and pay interest semi-annually. The offering is exempt from Securities Act registration requirements.

On November 17, 2021, Hertz Global Holdings (NASDAQ: HTZ) announced a proposed private offering of $1.5 billion in senior unsecured notes, consisting of $750 million due in 2026 and $750 million due in 2029. The proceeds will be used to repurchase Series A preferred stock and cover related fees. Any excess funds may contribute to general corporate purposes, while the issuance is exempt from the Securities Act registration requirements. The offering aims to strengthen Hertz's financial position amidst evolving market conditions.