HERTZ GLOBAL HOLDINGS, INC (HTZ) Form 8-K — Oct 20, 2026
Hertz announced it has closed a joint venture transaction transferring 50% of the voting units and roughly 15.86% of the economic interest in its Oro Mobility business (gig-economy/TNC vehicle rental and autonomous fleet services) to investors including Certares, Knighthead, and Cohen Private Ventures for approximately $80.89 million in cash. Concurrently, Hertz repurchased approximately $51.1 million par of its 8.000% Exchangeable Senior Second-Lien Secured Paid-in-Kind Notes due 2029 for about $20.86 million — a 60% discount to par — a heavily discounted debt retirement that reduces obligations but signals the notes traded deeply distressed.
Key figures
- Jv board
- six-person board, three designees each for Hertz and JV Investors
- Trademark royalty
- 0.5% of new rental customer revenue
- Note repurchase par
- $51.1 million of 8.000% Exchangeable Senior Second-Lien Secured Paid-in-Kind Notes due 2029
- Note repurchase price
- $20.86 million (60% discount to par)
- Cash contributed to jv
- $60.03 million
- Jv investor cash payment
- $80.89 million
- Jv economic interest sold
- approximately 15.86% of common units (50% of voting units)
- Fleet lease avg term years
- 4.5
- Fleet lease monthly payments
- $13.7 million per month
AI analysis
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