Hertz Global (HTZ) Holders to Sell 60.05M Shares, Co. to Buy 23.2M Shares

March 6, 2013 4:47 PM EST
Hertz Global Holdings (NYSE: HTZ) announced the sale of an aggregate of 60,050,777 shares of common stock of Hertz Holdings by investment funds associated with Clayton, Dubilier & Rice, LLC ("CDR"), The Carlyle Group ("Carlyle") and BofA Merrill Lynch ("Merrill Lynch" and, together with CDR and Carlyle, the "Sponsors") to Citigroup and Barclays Capital Inc. as the underwriters in the registered public offering of those shares. The shares are being sold on a pro rata basis by these investment funds, which are existing stockholders of Hertz Holdings, in accordance with their current ownership interests, except that ML Global Private Equity Fund, L.P. and ML Hertz Co-Investor, L.P., two of the investment funds associated with Merrill Lynch, are each selling all of the shares of Hertz Holdings common stock they currently hold of record.

Subject to completion of the offering, Hertz Holdings will repurchase from the underwriters 23,200,000 of the 60,050,777 shares of common stock being sold by the selling stockholders. Hertz Holdings' per-share purchase price will be the same as the per-share purchase price payable by Citigroup and Barclays Capital Inc. to the selling stockholders.

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