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Hertz triggers conversion right on senior notes

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Park Ridge-based Hertz Global Holdings announced Tuesday its 5.2 percent convertible senior notes due 2014 will continue to be convertible by holders of the notes.

According to the announcement, this conversion right has been triggered because the company's closing common stock price per share exceeded $10.77 for at least 20 trading days during the 30 consecutive trading day period ending on December 31, 2013. Based on this triggering event, the notes will be convertible until March 31, 2014. If conversion requests are received, the settlement of the notes will be paid pursuant to the terms of the indenture. The company has elected to settle conversions of the notes solely in shares of common stock, par value $0.01 per share.

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