Hertz Global (HTZ) Conversion Right on $474.7M Notes Triggers

January 2, 2013 4:34 PM EST Send to a Friend
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.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News, Equity Offerings

Related Entities

Wells Fargo

Add Your Comment