Herc Holdings Inc. Announces $2,750M Notes Offering

By Philip Seaworth • Friday, May 16 15:21 • Permanent Link

Herc Holdings Inc. (NYSE: HRI) has announced its intention to offer $2,750 million aggregate principal amount of senior unsecured notes due 2030 and senior unsecured notes due 2033. The offering is part of the financing for the company’s proposed acquisition of H&E Equipment Services, Inc., which was announced on February 19, 2025.

The terms of the notes will be determined at the time of pricing, and the company's wholly owned subsidiary, Herc Holdings Escrow, Inc., will offer and sell the notes to qualified institutional buyers in the United States and outside the United States.

In 2024, Herc Holdings Inc. reported total revenues of approximately $3.6 billion. The company operates through its Herc Rentals Inc. subsidiary, which is a full-line rental supplier with 453 locations across North America. Herc Holdings Inc. offers a wide range of products and services aimed at helping customers work more efficiently, effectively, and safely.

The net proceeds from the offering, together with the proceeds of other financing transactions related to the acquisition, will be used to finance the consummation of the acquisition, fund the redemption of existing outstanding indebtedness of H&E, and pay related fees, costs, premiums, and expenses in connection with these transactions.

Upon the closing of the acquisition and the release of the net proceeds of the offering from the escrow account (if applicable), the company intends to use the net proceeds for the aforementioned purposes.

It's important to note that the offering is exempt from the registration requirements of the Securities Act of 1933 and that the notes have not been, and will not be, registered under the Securities Act or any state securities laws.

Herc Holdings Inc. was founded in 1965 and employs approximately 7,600 employees. The company's classic fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment. Additionally, its ProSolutions® offering includes industry-specific, solutions-based services in tandem with power generation, climate control, remediation and restoration, pumps, and trench shoring equipment as well as ProContractor professional grade tools. Following these announcements, the company's shares moved 2.94%, and are now trading at a price of $138.51. For more information, read the company's full 8-K submission here.

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