Hertz said Thursday it priced an upsized, $950 million of three- and five-year notes backed by its fleet of rental vehicles.
The company had originally offered a total of $750 million of notes.
In a press release, it said the $282.75 million of three-year Class A notes carry a 1.12% coupon; the $42.25 million of three-year Class B notes carry a 1.86% coupon; the $543.75 million of five-year Class A notes carry a 1.83% coupon; and the $81.25 million of five-year Class B notes carry a 2.48% coupon.
The three-year notes and five-year notes have expected final payment dates in August 2016 and August 2018, respectively.
Moody’s Investors Service rates the Class A notes ‘Aaa’ and the Class B notes ‘Baa2.’
All of the notes were offered only to qualified institutional buyers, as permitted under Rule 144A of the Securities Act of 1933 and to investors outside the United States.
The offering is expected to close on Jan. 23.