- Hertz (HTZ) completed $350M 6.75% exchangeable senior first‑lien PIK notes due 2030; underwriters have 13‑day option for $50M more. Shares hit intraday low $2.14 the same day.
- Morgan Stanley cut Hertz (HTZ) price target to $3.50 from $5 after financing update; JPMorgan kept an Underweight rating, citing higher expected depreciation per unit.
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Key facts: Hertz $350M PIK notes; MS cuts PT; JPMorgan Underweight
Hertz (HTZ) completed $350M 6.75% exchangeable senior first‑lien PIK notes due 2030; underwriters have 13‑day option for $50M more. Shares hit intraday low $2.14 the same day.Morga