Hertz announced the return to Wall Street one year after the delisting. The company’s shares then return to be traded on the Nasdaq Global Select Market under the symbol HTZ. Overall, 44,520,000 Hertz common stock is available at a street price of $ 29. The principal bookrunning directors for the offering are Goldman Sachs & Co. LLC, JP Morgan Securities LLC and Morgan Stanley & Co. LLC.
Hertz returns to Wall Street
We recall that last June Hertz Global Holding announced that it has successfully completed the restructuring process envisaged by the Chapter 11 proceedings. Achieving this goal was key to Hertz’s return to Wall Street. The company has once again become a strong and well-positioned company, both financially and operationally.
Chapter 11 is a process that allows companies to obtain business continuity to financially restore the business. It is therefore a process of reorganization and not of liquidation or bankruptcy. The group companies in Europe, including Italy, Australia and New Zealand, as well as licensees operating with Hertz brands, were excluded from the procedure that allowed Hertz to return to Wall Street.
Reduced debt
Note that last July, Hertz Global Holdings has reduced his corporate debt by nearly 80%. The goal was achieved thanks to more than $ 5.9 billion of new equity provided by the new investor group led by Knighthead Capital Management LLC, Certares Opportunities LLC and some funds managed by affiliates of Apollo Capital Management, LP