Hertz shares declined after the company priced an upsized $350 million exchangeable notes deal soon after saying its second-quarter results would come in the low end of its guidance.

Shares were recently down 13.5% at $2.58 Thursday. The stock is down 50% year to date.

Hertz on Thursday said it priced an offering of $350 million of 6.75% exchangeable senior first‑lien secured PIK notes due 2030. Net proceeds are expected to repay borrowings under its revolving credit facility and for general corporate purposes.

Separately, Hertz priced 37 million borrowed shares at $2.70 each.

On Wednesday, Hertz said it now expects adjusted corporate earnings before interest, taxes and amortization of $50 million to $80 million, toward the bottom of its previous guidance, and flagged net depreciation of about $300 per unit per month after realizing losses on vehicle sales in May.

Write to Doc Louallen at Doc.Louallen@wsj.com

(END) Dow Jones Newswires

June 25, 2026 14:13 ET (18:13 GMT)

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