08:12 AM EDT, 06/21/2024 (MT Newswires) -- (Updates with additional details in the story body, as well as minor edits.)

Hertz Global Holdings ( HTZ ) said Friday that it has entered into agreements to sell $750 million of 12.625% first-lien senior secured notes due 2029, up from the previously announced $500 million.

The company said it has also agreed to sell $250 million of 8.000% exchangeable senior second-lien secured payment-in-kind notes due 2029. Hertz said the exchangeable notes will have an initial exchange rate of 150.9388 shares per $1,000 capitalized principal amount, or $6.6252 per share.

The offerings are slated to be completed by June 28, Hertz said.

Hertz said it plans to use the net proceeds from the offerings to pay down part of its $2 billion revolving credit facility.

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