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Hertz lenders hire advisers ahead of debt talks
Livemint··4d ago
Hertz Global Holdings creditors are forming at least two groups ahead of debt talks, sources said. Secured lenders hired Evercore and Gibson Dunn; Canso Investment Councel Ltd. joined a Houlihan Lokey and Ropes and Gray group. Hertz carries about $6 billion non-vehicle debt and $12.7 billion vehicle debt, with $2.7 billion loans due in 2028.
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What It Means For You
- Bondholders will watch whether Hertz extends maturities through PJT Partners talks.
- Hertz's $1.2 billion term loan due June 2028 traded near 59.625 cents on the dollar.
- Shares rose 6 percent to $2.19 in New York trading Wednesday afternoon, data show.
What's Happening
- Secured lenders retained Evercore and Gibson Dunn, people familiar with the matter said.
- Canso Investment Councel Ltd. joined a group with Houlihan Lokey and Ropes and Gray.
- Hertz reported $2.4 billion of second-quarter revenue, up 10 percent year on year.
Hertz debt maturities ahead
- Hertz emerged from 2020 bankruptcy and relisted in 2021 after pandemic-era filing.
- The company ended the quarter with $984 million of liquidity, its filing said.
- About $2.7 billion in loans come due in 2028 with more in the following two years.
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