Hertz Announces Sale of ~60.05M Shares of Common Stock by Selling Holders
Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz Holdings") announced today the sale of an aggregate of 60,050,777 shares of common stock of Hertz Holdings by investment funds associated with Clayton, Dubilier & Rice, LLC ("CDR"), The Carlyle Group ("Carlyle") and BofA Merrill Lynch ("Merrill Lynch" and, together with CDR and Carlyle, the "Sponsors") to Citigroup and Barclays Capital Inc. as the underwriters in the registered public offering of those shares. The shares are being sold on a pro rata basis by these investment funds, which are existing stockholders of Hertz Holdings, in accordance with their current ownership interests, except that ML Global Private Equity Fund, L.P. and ML Hertz Co-Investor, L.P., two of the investment funds associated with Merrill Lynch, are each selling all of the shares of Hertz Holdings common stock they currently hold of record.
The last reported sale price of Hertz Holdings' common stock on March 6, 2013 was $20.34 per share. Citigroup and Barclays Capital Inc. propose to offer for sale the shares of common stock that are not repurchased by Hertz Holdings from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part.
Subject to completion of the offering, Hertz Holdings will repurchase from the underwriters 23,200,000 of the 60,050,777 shares of common stock being sold by the selling stockholders. Hertz Holdings' per-share purchase price will be the same as the per-share purchase price payable by Citigroup and Barclays Capital Inc. to the selling stockholders.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.