Hertz Corporation intends to offer $300 million in Exchangeable Senior First-Lien Secured PIK Notes due 2030. The company is concurrently offering $100 million of common stock through a share lending agreement with J.P. Morgan Securities LLC. The $100 million stock offering is designed to facilitate hedging for investors in the new Notes. Hertz will not receive proceeds from the $100 million stock offering, only a nominal lending fee. Proceeds from the $300 million Notes offering are intended for general corporate purposes, including potential debt repayment.