Herc Holdings (NYSE: HRI) to issue $1.2B in new senior notes and redeem 2027 debt

Rhea-AI Filing Summary

Herc Holdings Inc. announced the pricing of two new senior unsecured note offerings totaling $1.2 billion. The company is issuing $600 million of 5.750% senior unsecured notes due 2031 and $600 million of 6.000% senior unsecured notes due 2034, each guaranteed on a senior unsecured basis, subject to limited exceptions, by its current and future domestic subsidiaries, including Herc Rentals Inc.

Following this notes offering, Herc Holdings expects to redeem all $1.2 billion aggregate principal amount of its outstanding 5.50% Senior Notes due 2027 and to pay related fees and expenses. The new notes are being offered in a private placement under Rule 144A and Regulation S and have not been registered under the Securities Act of 1933.

Insights

Corporate credit and capital structure analyst

Herc refinances $1.2B of 2027 notes with longer-dated, higher-coupon debt.

Herc Holdings Inc. has priced two senior unsecured note tranches: $600 million at 5.750% due 2031 and $600 million at 6.000% due 2034, both guaranteed by its current and future domestic subsidiaries, including Herc Rentals Inc. This creates a combined $1.2 billion in new long-term debt.

The company states that, following this offering, it expects to redeem all $1.2 billion aggregate principal amount of its existing 5.50% Senior Notes due 2027 and pay associated fees and expenses. That indicates a shift of its debt maturity profile from 2027 into 2031 and 2034, while accepting somewhat higher stated coupon rates.

The notes are issued under Rule 144A and Regulation S and are not registered under the Securities Act of 1933, so they are targeted at qualified institutional buyers and certain non‑U.S. investors. Actual effects on interest expense and liquidity will depend on the final redemption terms and any call premiums or fees referenced in the company’s detailed offering materials and future disclosures.

HERC HOLDINGS INC false 0001364479 0001364479 2025-12-02 2025-12-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 2, 2025

HERC HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware		001-33139		20-3530539
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

27500 Riverview Center Blvd.

Bonita Springs, Florida 34134

(Address of principal executive offices and zip code)

(239) 301-1000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address,

if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		HRI		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 8.01 OTHER EVENTS.

On December 2, 2025, Herc Holdings Inc. (the “Company”) issued a press release announcing the pricing of $600 million aggregate principal amount of 5.750% senior unsecured notes due 2031 and $600 million aggregate principal amount of 6.000% senior unsecured notes due 2034 (together, the “notes”). The notes will be guaranteed on a senior unsecured basis, subject to limited exceptions, by the Company’s current and future domestic subsidiaries, including Herc Rentals Inc. A copy of the press release is attached hereto as Exhibit 99.1.

Following the notes offering, the Company expects to redeem all $1,200 million in aggregate principal amount of the Company’s 5.50% Senior Notes due 2027 and to pay related fees and expenses.

The notes were offered pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release of Herc Holdings Inc. dated December 2, 2025 announcing pricing of senior unsecured notes.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HERC HOLDINGS INC.
(Registrant)
By:		/s/ Mark Humphrey
Name:		Mark Humphrey
Title:		Senior Vice President and Chief Financial Officer

Date: December 2, 2025

FAQ

What debt transaction did Herc Holdings Inc. (HRI) announce on December 2, 2025?

Herc Holdings Inc. announced the pricing of two senior unsecured note offerings totaling $1.2 billion, consisting of $600 million of 5.750% notes due 2031 and $600 million of 6.000% notes due 2034.

What does Herc Holdings Inc. plan to do with the proceeds of the new notes?

The company states that, following the notes offering, it expects to redeem all $1.2 billion aggregate principal amount of its outstanding 5.50% Senior Notes due 2027 and to pay related fees and expenses.

What are the interest rates and maturities of Herc Holdings Inc.’s new notes?

The new senior unsecured notes include $600 million of 5.750% notes due 2031 and $600 million of 6.000% notes due 2034.

Are Herc Holdings Inc.’s new senior notes guaranteed by its subsidiaries?

Yes. The notes will be guaranteed on a senior unsecured basis, subject to limited exceptions, by the company’s current and future domestic subsidiaries, including Herc Rentals Inc..

How are Herc Holdings Inc.’s new notes being offered and are they registered?

The notes are being offered pursuant to Rule 144A and Regulation S under the Securities Act of 1933. They have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.

What existing Herc Holdings Inc. notes are expected to be redeemed after this offering?

Herc Holdings Inc. expects to redeem all $1.2 billion in aggregate principal amount of its 5.50% Senior Notes due 2027, and to pay related fees and expenses.