Hertz Global (HTZ) shares fall, $350 mln note hedge draws attention
Hertz Global Holdings, Inc. comes into Thursday’s U.S. session facing a financing issue tied to its stock that goes beyond the $100 million share sale reported in the headline. Hertz priced 37,037,037 borrowed shares at $2.70 apiece. That’s about 11.8% of the company’s 315.1 million shares outstanding as of March 31, figures from company filings show. Hertz won’t get sale proceeds from the block. J.P. Morgan Securities or its affiliates will collect those. Hertz said it will only receive a nominal lending fee.