Hertz Approved for $1.65 Billion Loan to Complete Bankruptcy

Hertz Global Holdings won court permission to borrow as much as $1.65 billion to help it reorganize in bankruptcy.

• A group of the company’s first-lien lenders will provide the money at an initial interest rate of 7.25 percentage points above the London interbank offered rate
  • The group will also collect an undisclosed amount of fees
• Lenders who signed a letter committing to fund the loan include Apollo Global Management, Diameter Capital Partners and Silver Point Capital, according to court documents
• Hertz filed for bankruptcy in May when the near-total shutdown of the global travel industry caused rentals to ...