Hertz Global (HTZ) Conversion Right on $474.7M Notes Triggers
Tweet Send to a FriendGet Alerts HTZ Hot Sheet
Up)
Trade HTZ Now!
Hertz Global Holdings, Inc. (NYSE: HTZ) announced that the Company's $474,733,000 aggregate principal amount outstanding of 5.25% Convertible Senior Notes Due 2014 (the "Notes") will continue to be convertible by holders of the Notes. This conversion right has been triggered because the Company's closing common stock price per share exceeded $10.77 for at least 20 trading days during the 30 consecutive trading day period ending on December 31, 2012. Based on this triggering event, the Notes will be convertible until March 31, 2013.
If conversion requests are received, the settlement of the Notes will be paid pursuant to the terms of the Indenture. The Company's policy has been, and continues to be, to settle conversions of the Notes using a combination of cash and shares of the Company's common stock, with the cash portion being paid with a fixed dollar amount equal to $1,000 per $1,000 in principal amount of the Notes (assuming the conversion value is at least equal to the principal amount of the Notes).
Wells Fargo Bank, National Association, is the Trustee for the holders of the Notes and Conversion Agent under the Indenture.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
If conversion requests are received, the settlement of the Notes will be paid pursuant to the terms of the Indenture. The Company's policy has been, and continues to be, to settle conversions of the Notes using a combination of cash and shares of the Company's common stock, with the cash portion being paid with a fixed dollar amount equal to $1,000 per $1,000 in principal amount of the Notes (assuming the conversion value is at least equal to the principal amount of the Notes).
Wells Fargo Bank, National Association, is the Trustee for the holders of the Notes and Conversion Agent under the Indenture.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Apricus Bio (APRI) Prices 6M Common Stock Offering
- Yingli Green Energy (YGE) to Supply 10.269 MW Modules to Malaysia Power Plant
- Gleacher & Co. (GLCH) Reports Election of Five for Board Members
Create E-mail Alert Related Categories
Corporate News, Equity OfferingsRelated Entities
Wells Fargo
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
