Herc Holdings Prices $1.2 Billion Senior Unsecured Notes to Refinance Debt
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 02 2025
0mins
Should l Buy HRI?
Source: Businesswire
- Bond Issuance Scale: Herc Holdings announced the pricing of $600 million in 5.750% and $600 million in 6.000% senior unsecured notes due in 2031 and 2034, respectively, demonstrating the company's strong capital market financing capabilities.
- Clear Use of Proceeds: The net proceeds from this bond issuance will be used to redeem $1.2 billion of 5.50% senior notes, aimed at reducing financial costs and optimizing the capital structure, thereby enhancing the company's financial flexibility.
- Positive Market Response: The bond issuance is conducted in a private offering compliant with securities laws, expected to close on December 16, 2025, indicating market confidence in the company's future growth.
- Strategic Integration: This bond issuance aligns with Herc Holdings' recent acquisition of H&E Equipment Services, aiming to enhance market competitiveness through resource integration and operational optimization.
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Analyst Views on HRI
Wall Street analysts forecast HRI stock price to rise
7 Analyst Rating
5 Buy
1 Hold
1 Sell
Moderate Buy
Current: 174.690
Low
150.00
Averages
175.00
High
200.00
Current: 174.690
Low
150.00
Averages
175.00
High
200.00
About HRI
Herc Holdings Inc. is an equipment rental supplier. It operates through subsidiaries, including Herc Rentals Inc. In addition to its principal business of equipment rental, it sells used equipment and contractor supplies, such as construction consumables, tools, small equipment and safety supplies; provides repair, maintenance, equipment management services and safety training to certain of its customers; offer equipment re-rental services and provides on-site support to its customers; and provide ancillary services, such as equipment transport, rental protection, cleaning, refueling and labor. Its classic fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment. Its ProSolutions offering includes industry-specific, solutions-based services in tandem with power generation, climate control, remediation and restoration, pumps, and trench shorting equipment as well as its ProContractor professional grade tools.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Revenue Expectations: The projected revenue for Q4 stands at $1.25 billion, representing a 31.4% year-over-year increase; however, this strong growth contrasts sharply with the steep decline in EPS, potentially affecting overall market performance.
- Historical Performance Review: Over the past two years, Herc has only beaten EPS estimates 25% of the time while exceeding revenue estimates 75% of the time, indicating a relatively stable revenue performance but challenges in profitability.
- Estimate Revision Dynamics: In the last three months, there have been no upward revisions to EPS estimates and three downward revisions, while revenue estimates saw two upward revisions, reflecting a cautious market outlook on the company's future profitability.
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- Value Change: Despite the sale, the value of Herc Holdings' stake increased by $29.81 million, indicating strong performance in infrastructure spending and the equipment rental market.
- Financial Performance Highlights: Herc Holdings saw a 30% year-over-year increase in equipment rental revenue to $1.12 billion, pushing total revenue up 35% to $1.30 billion, while adjusted EBITDA rose 24%, despite margin compression due to acquisition integration costs.
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- Webcast Arrangement: A fireside chat discussion will take place at 9:40 a.m. ET on the day of the conference, with a live audio webcast available, enhancing transparency and investor engagement through the company's investor relations site.
- Company Background: Founded in 1965, Herc Holdings is a leading equipment rental supplier in North America with approximately 612 locations and projected total revenues of about $5.1 billion in 2024, indicating strong market position and growth potential.
- Employees and Services: The company employs around 9,900 individuals and offers a diverse range of equipment and industry-specific solutions aimed at helping customers work more efficiently and safely, further solidifying its competitive advantage in the rental market.
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- Yield Information: The forward yield of 1.82% reflects the company's attractiveness in the current market environment, potentially drawing in investors seeking stable income.
- Payment Schedule: The dividend is payable on March 4, with a record date of February 18 and an ex-dividend date also set for February 18, ensuring shareholders receive timely returns.
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- Live Webcast Availability: The conference call will be available via live webcast, allowing investors to access real-time information and enhancing transparency and engagement with stakeholders.
- Company Overview: Founded in 1965, Herc Holdings operates approximately 612 rental locations across North America, with projected total revenues of about $5.1 billion for 2024, underscoring its strong market position in the equipment rental industry.
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- Earnings Announcement Date: Herc Holdings is set to announce its Q4 earnings on February 17 before market open, with a consensus EPS estimate of $1.87, reflecting a significant 47.8% year-over-year decline, which may dampen investor sentiment.
- Revenue Expectations: The projected revenue for Q4 stands at $1.25 billion, representing a 31.4% year-over-year increase; however, this strong growth contrasts sharply with the steep decline in EPS, potentially affecting overall market performance.
- Historical Performance Review: Over the past two years, Herc has only beaten EPS estimates 25% of the time while exceeding revenue estimates 75% of the time, indicating a relatively stable revenue performance but challenges in profitability.
- Estimate Revision Dynamics: In the last three months, there have been no upward revisions to EPS estimates and three downward revisions, while revenue estimates saw two upward revisions, reflecting a cautious market outlook on the company's future profitability.
See More
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- Share Sale Details: GAMCO Investors reported selling 34,492 shares of Herc Holdings in a fourth-quarter SEC filing, with an estimated trade value of $4.73 million, reflecting a more than 25% increase in the company's stock price during the period.
- Value Change: Despite the sale, the value of Herc Holdings' stake increased by $29.81 million, indicating strong performance in infrastructure spending and the equipment rental market.
- Financial Performance Highlights: Herc Holdings saw a 30% year-over-year increase in equipment rental revenue to $1.12 billion, pushing total revenue up 35% to $1.30 billion, while adjusted EBITDA rose 24%, despite margin compression due to acquisition integration costs.
- Investor Confidence: The share sale appears to be more of a portfolio housekeeping move rather than a reduction in confidence in Herc Holdings, as the company continues to benefit from infrastructure demand and operational scale, despite a notable 15% decline in stock price over the past year.
See More
Herc Holdings CEO to Attend Citi Conference
- Executive Participation: Herc Holdings CEO Larry Silber and CFO Mark Humphrey will participate in Citi's Global Industrial Tech and Mobility Conference on February 19, 2026, in Miami Beach, showcasing the company's leadership in the industry.
- Webcast Arrangement: A fireside chat discussion will take place at 9:40 a.m. ET on the day of the conference, with a live audio webcast available, enhancing transparency and investor engagement through the company's investor relations site.
- Company Background: Founded in 1965, Herc Holdings is a leading equipment rental supplier in North America with approximately 612 locations and projected total revenues of about $5.1 billion in 2024, indicating strong market position and growth potential.
- Employees and Services: The company employs around 9,900 individuals and offers a diverse range of equipment and industry-specific solutions aimed at helping customers work more efficiently and safely, further solidifying its competitive advantage in the rental market.
See More
Herc Holdings Declares $0.70 Quarterly Dividend
- Dividend Declaration: Herc Holdings has declared a quarterly dividend of $0.70 per share, consistent with previous distributions, indicating the company's stable cash flow and shareholder return strategy, which is expected to bolster investor confidence.
- Yield Information: The forward yield of 1.82% reflects the company's attractiveness in the current market environment, potentially drawing in investors seeking stable income.
- Payment Schedule: The dividend is payable on March 4, with a record date of February 18 and an ex-dividend date also set for February 18, ensuring shareholders receive timely returns.
- Financing Activity: Herc Holdings has also announced a $1.2 billion senior unsecured notes offering, further strengthening the company's capital structure and providing funding support for future growth and investments.
See More
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- Earnings Release Schedule: Herc Holdings is set to release its Q4 and full year 2025 financial results on February 17, 2026, before market opens, which is expected to significantly impact investor sentiment.
- Investor Conference Call: Following the earnings release, management will hold a conference call at 8:30 a.m. ET to review the company's results and may disclose material business and financial information not included in the press release.
- Live Webcast Availability: The conference call will be available via live webcast, allowing investors to access real-time information and enhancing transparency and engagement with stakeholders.
- Company Overview: Founded in 1965, Herc Holdings operates approximately 612 rental locations across North America, with projected total revenues of about $5.1 billion for 2024, underscoring its strong market position in the equipment rental industry.
See More
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IPO Market Activity: A company with a ".com" in its name is preparing to go public, indicating a resurgence in the IPO market reminiscent of the late 1990s.
Market Sentiment: This move reflects the current enthusiasm and optimism surrounding initial public offerings in the financial market.
See More
