DETROIT -- The Hertz Corporation, which is being sold by parent Ford Motor Co., on Monday said it has entered a credit refinancing agreement worth $2.58 billion to refinance earlier debt and for general corporate purposes.
Hertz said it has signed a deal with JP Morgan Chase Bank, JP Morgan Securities, Citigroup Global Markets Inc., Goldman Sachs Credit Partners and Deutsche Bank AG New York.
Ford Motor Co. last month said it plans to sell Hertz for $5.6 billion to a private equity group composed of Clayton Dubilier & Rice, Carlyle Group and Merrill Lynch Global Private Equity.
The new credit facilities are expected to have terms similar to the existing credit agreement, but will contain restrictions on the company's ability to pay dividends or repay debt to Ford. There will also be restrictions on making investments in Ford or any of its affiliates.