Hertz Sells $500 Million Junk-Bond Deal to Repay Debt (2)

Hertz Global Holdings Inc. sold a $500 million junk-bond deal on Thursday to repay debt, the latest company to tap a busy market before the end of the year.

The rental car company is adding to its existing 12.625% first-lien senior secured notes maturing in 2029, which brings the total size of that tranche to $1.25 billion. Hertz sold that bond in June and it had since rallied to nearly 109 cents on the dollar to yield around 9.75%, according to Trace pricing data, before Thursday’s deal.

The new debt transaction wrapped up at a price of 107.7 cents on ...