Hertz Anticipates Big Return to Equity Markets

Shareholders of Hertz Global Holdings increased the size of their public offering of shares by 20%, ahead of plans to re-list the stock on the NASDAQ on Tuesday under the ticker symbol "HTZ."

The Estero, Florida-based car-rental company late Monday said the pricing of the upsized public offering of 44.52 million shares, up from 37.1 million announced last week, will be $29 – the high-end of its previously targeted range. The shares are being offered by a group of shareholders, including Cougar Capital and Oaktree Capital Management, which raised $1.3 billion under the new terms, according to a public filing.

Of the shares offered, Hertz expects to repurchase from the underwriters more than 10.3 million shares at an aggregate purchase price of $300 million.

Since October 2020, Hertz’s common stock has traded on the over-the-counter market under the symbol HTZZ, following its Chapter 11 filing in May 2020. The post-bankrupt company previously applied to list on the NASDAQ under the ticker symbol "HTZ." The over-the-counter shares closed Monday at $32.62.

The company’s outstanding warrants also will be listed Tuesday on the NASDAQ under the ticker symbol "HTZWW."

Hertz, which exited bankruptcy protection in June, said Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) are acting as lead bookrunning managers for the proposed offering, which is expected to close Friday.

The public offering and repurchase plan follow a run-up in the company’s stock after it announced former Ford (NYSE:F) CEO Mark Fields as its interim CEO and a plan to add 100,000 Tesla (NASDAQ:TSLA) cars to its fleet through 2022.