The company confirmed the pricing of $350 million in 6.75% exchangeable senior first-lien secured notes due in 2030, alongside the pricing of 37 million borrowed shares at $2.70 each. Proceeds from these maneuvers are earmarked to pay down existing revolving credit facilities and support general corporate operations.

This financial pivot arrives on the heels of a grim earnings update issued Wednesday. Hertz signaled that its second-quarter adjusted earnings before interest, taxes, and amortization will likely settle between $50 million and $80 million, hitting the lower bound of previous projections. Management also reported net depreciation of approximately $300 per unit per month, a figure driven by sustained losses on vehicle sales throughout May.