Hertz stock price triggers convertibility of 5.25% notes until Dec. 31

By Tali David

Minneapolis, Sept. 28 - Hertz Global Holdings, Inc. said that holders may continue to convert the company's $474,737,000 principal amount outstanding of 5.25% convertible senior notes due 2014 until Dec. 31.

The conversion right was triggered because the company's closing stock price exceeded $10.77 for at least 20 out of the 30 consecutive trading days ended Sept. 30, according to a company press release.

The company's stock closed at $13.73 (NYSE: HTZ) on Friday.

Hertz will settle conversions of the notes using a combination of cash and shares.

Wells Fargo Bank, NA is the trustee and conversion agent.

Hertz is a Park Ridge, N.J.-based auto and equipment rental company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.