HERTZ, the car hire company, has placed €400m (£328m) in senior secured notes through its Dutch subsidiary to refinance its outstanding international fleet debt facilities.
The group said the 8.5 per cent notes, which are due in 2015, would be sold to institutional investors. The notes are rated “B1” by Moody’s and “B” by Standard & Poor’s.
Hertz, the largest worldwide airport and general use car rental brand, operates from more than 8,200 locations in 146 countries around the globe. Its shares closed 8c up at $9.98 on Friday.