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Hertz IPO Premiers

Hertz, the Park Ridge-based car rental giant, stage its initial public stock offering and will be listed on New York Stock Exchange today under the symbol “HTZ”Hertz, the Park Ridge-based car rental giant, stage its initial public stock offering and will be listed on New York Stock Exchange today under the symbol “HTZ.” This morning, shares were trading around $15. Hertz Global Holdings, the parent corporation of The Hertz Corp., offered 88,235,000 shares of common stock.

In addition, private equity funds associated with Clayton, Dubilier & Rice; The Carlyle Group; and Merrill Lynch Global Private Equity, which are current stockholders of Hertz Global Holdings, have granted the underwriters a 30-day option to purchase up to an additional 13,235,250 shares.

Hertz intends to use the net proceeds from the offering to repay debt. The remainder of the net proceeds will be used to pay a special cash dividend to holders of record of its common stock prior to the IPO.

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