NasdaqGS:HTZTransportation
Why Hertz (HTZ) Is Down 46.9% After Dilutive Equity Offering And Softer Used-Car Economics
Earlier this week, Hertz Global Holdings completed a US$100,000,000 follow-on equity offering of 37,037,037 common shares at US$2.70 each, alongside a planned US$300,000,000 exchangeable notes issue, after cutting its second-quarter Adjusted Corporate EBITDA outlook due to softer used car prices and higher depreciation.
The offering uses a share-lending structure with J.P. Morgan Securities to support hedging for investors in the new exchangeable notes, meaning Hertz raises little direct...