Hertz to Offer $500M Worth of Notes Due 2019

Hertz (NYSE:HTZ) said late Monday it plans to sell $500 million worth of senior notes in a private offering, with the intention of using proceeds to repay additional debt.

The operator of car and equipment rental businesses will sell 6.75% senior notes due 2019, with a yield of 6.69% paid semi-annually.

The closing of the offering is expected to occur on or about March 21, subject to customary closing conditions.

The Park Ridge, N.J.-based company said it plans on using proceeds from the deal to redeem a portion of its outstanding 8.875% senior notes due 2014.