Former Ford entity Hertz files for $1 billion initial public offering

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Former Ford entity Hertz files for $1 billion initial public offering [message #776757]

Sat, 15 July 2006 14:49

gcmccoury

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By John Poirier

Jul 14, 2006

(Reuters) Car rental company Hertz Global Holdings Inc. said on Friday =
it is planning an initial public offering of as much as $1 billion in =
common stock.

The IPO will be underwritten by Goldman, Sachs & Co., Lehman Brothers, =
Merrill Lynch & Co Inc, Deutsche Bank Securities and JPMorgan, according =
to an IPO registration statement filed with the U.S. Securities and =
Exchange Commission.

Merrill Lynch affiliate, ML Global Private Equity Fund LP, as well as =
Clayton Dubilier & Rice and The Carlyle Group plan to sell shares in the =
IPO, according to the filing.

The private equity group bought Hertz Corp., the predecessor company, =
from Ford Motor Co. (NYSE:F - news) in December for about $15 billion, =
including the assumption of debt.

In a separate regulatory filing, Hertz, based in Park Ridge, New Jersey, =
said it restated consolidated statements for certain items for a period =
between January 1, 2005, and December 20, 2005, due to an error in =
estimating the amount of its tax expense for repatriation of foreign =
earnings.

The tax expense for December 2005 should be increased by $27.5 million =
to $31.3 million, Hertz said. Hertz said this lowered its net income for =
the January-December 2005 period to $371.3 million.

In the IPO Hertz still plans to list its stock on the New York Stock =
Exchange under the symbol "HTZ."

As is customary with the filing of a preliminary offering document, =
Hertz did not specify the number of shares or estimate a price range for =
those shares. Those details can be expected in future SEC filings.

Hertz said it and its independent licensees and associates provide car =
rentals at about 7,600 locations in about 145 countries.

Consolidated revenues from car and equipment rentals totaled about $7.5 =
billion for 2005, according to the new regulatory filing.

On June 30 Hertz said it paid a special dividends of $4.32 per share to =
the holders, which totaled about $999.2 million, through a loan =
facility. It said it does not expect to pay dividends on its common =
stock for the foreseeable future.

The company said it plans to use the proceeds from the offering to repay =
a loan facility and general corporate purposes.

Hertz said it will not receive any proceeds from the sale of stock from =
the investor group.

Yet another $.02 worth from a proud owner of a 1970 Mach 1 351C [at] =20
http://community.webshots.com/album/18644819fHAehGJAjt

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By John Poirier
Jul 14, 2006
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(Reuters) Car rental company Hertz Global =
Holdings Inc.=20
said on Friday it is planning an initial public offering of as much as =
$1=20
billion in common stock.
The IPO will be underwritten by Goldman, Sachs =
& Co.,=20
Lehman Brothers, Merrill Lynch & Co Inc, Deutsche Bank Securities =
and=20
JPMorgan, according to an IPO registration statement filed with the U.S. =

Securities and Exchange Commission.
Merrill Lynch affiliate, ML Global Private Equity =
Fund LP,=20
as well as Clayton Dubilier & Rice and The Carlyle Group plan to =
sell shares=20
in the IPO, according to the filing.
The private equity group bought Hertz Corp., the=20
predecessor company, from Ford Motor Co. (NYSE:F - news) in December for =
about=20
$15 billion, including the assumption of debt.
In a separate regulatory filing, Hertz, based in =
Park=20
Ridge, New Jersey, said it restated consolidated statements for certain =
items=20
for a period between January 1, 2005, and December 20, 2005, due to an =
error in=20
estimating the amount of its tax expense for repatriation of foreign=20
earnings.
The tax expense for December 2005 should be =
increased by=20
$27.5 million to $31.3 million, Hertz said. Hertz said this lowered its =
net=20
income for the January-December 2005 period to $371.3 =
million.
In the IPO Hertz still plans to list its stock on =
the New=20
York Stock Exchange under the symbol "HTZ."
As is customary with the filing of a preliminary =
offering=20
document, Hertz did not specify the number of shares or estimate a price =
range=20
for those shares. Those details can be expected in future SEC=20
filings.
Hertz said it and its independent licensees and =
associates=20
provide car rentals at about 7,600 locations in about 145 =
countries.
Consolidated revenues from car and equipment =
rentals=20
totaled about $7.5 billion for 2005, according to the new regulatory=20
filing.
On June 30 Hertz said it paid a special dividends =
of $4.32=20
per share to the holders, which totaled about $999.2 million, through a =
loan=20
facility. It said it does not expect to pay dividends on its common =
stock for=20
the foreseeable future.
The company said it plans to use the proceeds =
from the=20
offering to repay a loan facility and general corporate =
purposes.
Hertz said it will not receive any proceeds from =
the sale=20
of stock from the investor group.
Yet another $.02 worth from a proud owner of a =
1970 Mach 1=20
351C [at] <A=20
href=3D"http://community.webshots.com/album/18644819fHAehGJAjt"><FONT=20
face=3DTahoma>http://community.webshots.com/album/18644819fHAehGJAjt</FON=
T></A></DIV></DIV></DIV></BODY></HTML>

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Re: Former Ford entity Hertz files for $1 billion initial public offering [message #776780 ]

Sun, 16 July 2006 00:29

Al Bundy

Grover C. McCoury III wrote:
> By John Poirier
>
> Jul 14, 2006
>
> (Reuters) Car rental company Hertz Global Holdings Inc. said on Friday it is planning an initial public offering of as much as $1 billion in common stock.
>
In other news, O.J. Simpson is available for commercial work, but he
needs to use a walker and be paid under the table.

Vorheriges Thema:	question on struts and springs on 89 Mustang LX 5.0
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