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Hertz launches public offering of common stock

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Estero-based Hertz Global Holdings Inc. announced Wednesday that it launched a public offering of its common stock by certain stockholders of the car rental company. The selling stockholders are offering more than 37 million shares of Hertz common stock, of which Hertz intends to repurchase from the underwriters’ shares having an aggregate purchase price of between $250 million and $500 million. In addition, a selling stockholder intends to grant the underwriters a 30-day option to purchase up to an additional 5,565,000 shares of Hertz common stock. The public offering price is expected to be between $25 and $29 per share. Hertz will not receive any proceeds from the sale of shares by the selling stockholders. Hertz expects to fund the repurchase with cash on hand. Hertz has applied to list on the Nasdaq Global Select Market under the ticker symbol HTZ. Hertz’s common stock currently trades on the over-the-counter market under HTZZ. The Hertz Corp., a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands.

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