Hertz is up on refinancing efforts, announcing an upsized $375 million senior notes offering

Rental car behemoth Hertz is up about 6% from yesterday’s close in early trading, after the company announced an upsized $375 million exchangeable senior notes offering, an increase from the previously announced offering size of $250 million.

The indebted vehicle hire company, which posted its seventh quarterly loss in a row last month, said:

“Hertz Corp. intends to use $300 million of the net proceeds from the issuance of the Notes to fund the partial redemption or repurchase of its outstanding Senior Notes due 2026 on or before December 31, 2025 and to use the remaining net proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness.”

Hertz shares roared as much as 19.7% after-hours yesterday on its initial announcement of the notes offering.