Hertz Announces a $2 Billion Share Repurchase Program

Nov 29, 2021 By MarketDepth

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Business Update

Hertz Global Holdings, Inc. (NASDAQ: HTZ) today announced a $2 billion share repurchase program. 

“The repurchase program is effective immediately and will initially comprise the remaining $200 million that was authorized for repurchase at the time of the Company’s offering and listing on NASDAQ.”

Press Release From The Company

Shares of Hertz Global Holdings (NASDAQ: HTZ) gained over 8% in premarket trading after the announcement.

No Time Limit Set

The repurchase program, which has no time limit, will allow Hertz to continue investing in the business while utilizing moderate balance sheet leverage and help realign the company’s finances just months after exiting bankruptcy protection.

Additionally, Hertz said it would keep its net corporate leverage no greater than 1.5 times.