09:05 AM EDT, 06/20/2024 (MT Newswires) -- (Updates with additional details.)

Hertz Global Holdings ( HTZ ) said Thursday its Hertz unit plans to offer $750 million senior secured notes due 2029.

The unit plans to offer $500 million in total principal amount of first-lien senior secured notes and $250 million in total principal amount of exchangeable senior second-lien secured notes, both due 2029, the company added.

The car-rental company expects to utilize the net proceeds for repaying a part of its $2 billion revolving credit facility and improving liquidity, the company said.

The exchangeable notes will mature on June 15, 2029, and will have semi-annual interest payable on June 15 and Dec. 15 every year, starting in December, Hertz said.

Shares of the company were up 3.6% in recent premarket activity.

Price: 3.2000, Change: +0.11, Percent Change: +3.56