The car rental company will use the proceeds to strengthen its balance sheet following the crisis caused by the depreciation costs of its fleet of electric cars.
The car rental company Hertz has launched a bond issue worth 750 million dollars (about 700 million euros at the current exchange rate) in two tranches to strengthen your balanceafter the crisis caused by the electric vehicle business failure and after put more than 20,000 cars on sale that he had in his fleet.
The American company plans to offer 500 million dollars (about 466 million euros) in guaranteed bonds maturing in 2029 and 250 million dollars more (233 million euros) in exchangeable bonds maturing the same year, as reported by the company in a statement reported by Europa Press.
The firm has confirmed that it plans to use the net proceeds to pay a portion of your revolving line of credit commitment of 2,000 million dollars (1,864 million euros).
Electric cars
Hertz also reported this Thursday in a statement to US regulators that it is accelerating a planned renewal of its fleet after announcing earlier this year that would sell a third of its electric vehicles in United States.
At the end of the quarter, the rental company had already achieved sell almost two thirds of the total of a planned sale of 30,000 vehicles.
Likewise, the company said it was waiting for a adjusted loss before interesttaxes, depreciation and amortization up to 495 million dollars (about 462 million euros).
Hertz shares have plummeted at the beginning of this Thursday’s session on the American Nasdaq more than 3%until trading below the three dollars (2.8 euros per title), after lose more than 70% of capitalization so far in 2024.
