Hertz Global Holdings, Inc. (NASDAQ:HTZ) shares are trading lower on Thursday.

The company's shares dipped after it announced a debt offering worth $750 million.

The debt offering aims to bolster its financial position and support future profitability. Hertz intends to offer $500 million in aggregate principal amount of First Lien Senior Secured Notes due 2029.

The car rental company also plans to offer $250 million in aggregate principal amount of Exchangeable Senior Second-Lien Secured PIK Notes due 2029.

Investors affiliated with CK Amarillo LP have committed to the unit. An investor has provided a firm commitment to an initial purchaser to purchase up to $250 million aggregate principal amount of Exchangeable Notes.

In addition, Hertz has received a backstop commitment to purchase up to $500 million aggregate principal amount of First Lien Notes.

The firm plans to utilize the funds raised from the offerings to reduce a portion of its $2.0 billion committed revolving credit facility, thereby enhancing its liquidity.

The completion of the First Lien Notes and Exchangeable Notes offerings are independent of each other.

Price Action: HTZ shares are trading lower by 0.16% to $3.08 at last check Thursday.

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