Herc Holdings Inc. (HRI), operating through its full-line rental supplier unit Herc Rentals Inc., announced plans on Tuesday to offer $500 million in senior unsecured notes due in 2029 through a private offering.
The terms of these notes will be finalized at the time of pricing. The notes will serve as senior unsecured obligations for the company, with interest payable semi-annually in arrears. They will be guaranteed on a senior unsecured basis, with limited exceptions, by Herc Holdings’ current and future domestic subsidiaries, including Herc Rentals.
The company anticipates utilizing the net proceeds from this offering to repay a portion of the outstanding debt under its senior secured asset-based revolving credit agreement, in addition to covering related fees and expenses.
