Hertz shares plunge after launching $100 million stock offering and $300 million bond sale

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Hertz Global shares dropped as much as 24% premarket on Wednesday after the company proposed a $100 million stock offering alongside a $300 million bond offering. The shares will be loaned by Hertz to a financial institution acting as an underwriter, with J.P. Morgan Securities LLC serving as one of the underwriters for the stock offering. Separately, Hertz Corp., a wholly-owned indirect subsidiary, is offering $300 million of Exchangeable Senior First-Lien Secured PIK Notes due 2030 in a private offering, and expects to grant initial purchasers an option to buy up to an additional $45 million of the notes.

Hertz Global Holdings Inc ▼