Herc Rentals announces $1.2B private offering
New notes planned to payoff previous $1.2 billion note offering due in 2027
Herc Holdings, the parent company of Herc Rentals, plans to raise $1.2 billion through a private offering of senior unsecured notes due 2031 and 2034.
Herc expects to use the net proceeds to redeem all $1.2 billion of its 5.50% senior notes due 2027 and cover related fees and expenses, according to a Dec. 2 Herc release. The offering will be available to qualified institutional buyers under Rule 144A and to certain investors outside the U.S. under Regulation S.
Terms will be set at pricing, and the notes will be guaranteed on a senior unsecured basis by Herc’s current and future domestic subsidiaries, including Herc Rentals, according to the release. The notes will not be registered under U.S. securities laws and cannot be publicly offered without registration or an applicable exemption.
Herc, founded in 1965 and operating through its Herc Rentals subsidiary, now has 612 North American locations following its acquisition of H&E Equipment Services, according to the release. The company generated approximately $5.1 billion in 2024 pro forma revenue and employs about 9,900 people across its rental fleet, specialty solutions, and contractor support services.
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