Hertz Global Holdings, Inc. (NYSE:HTZ)’s Convertible Senior Notes will continue to be the same, Avis Budget Group Inc. (NASDAQ:CAR)
Hertz Global Holdings, Inc. (NYSE:HTZ) announced that the Company’s 5.25% Convertible Senior Notes which are due in 2014 will continue to be as Convertible Notes by the holders of such Notes. This conversion Right was triggered as the company’s stock have surpassed the stock price above $10.77 for at least 20 trading session in its last 30 consecutive trading sessions ended June 30, 2013. Based on the triggering, these Notes will be convertible by September 30, 2013.
If the conversion requests are received the settlement of the will be paid in accordance with the terms as laid in the Indenture. The company has decided to convert these Notes into the common stock of the company at the par value of $0.01 per share.
As per the Indenture, Wells Fargo Bank a National Association has been hired as the Trustee for the holders of the Convertible Notes and Conversion Agent. The Association will take the responsibilities in clarifying any queries of the holder’s of the Notes. Wells shall also guide the holders with the mechanism of conversion of these Notes.
Hertz Global Holdings is the parent holding company of Hertz Corporation via its wholly owned subsidiary named Hertz Investors Inc. The company primarily operates in two segments which are renting of cars and equipments and other being leasing of cars.
Avis Budget Group Inc. (NASDAQ:CAR) another leading and emerging company which rents cars under the brands “Avis” and “Budget”. Under the “Budget” brand the company also operates local and one-way trucks rentals. The Avis brand is still to grow after its acquisition of Zipcar, a leading car share network worldwide. The company is expecting to expand Zipcar globally under its brands framework. Avis is targeting to more airports for Zipcar’s operations with nearly 1,000 cars and Budget fleets with Zipcar’s technology by the end of this summer.