(Bloomberg) Rental car company Hertz Global Holdings shares traded at $25.30 after jumping up to 6% on Monday following announced plans for a $2 billion stock repurchase.
The buy-back includes the remaining $200 million authorized for repurchase earlier in the month when Hertz was listed on Nasdaq.
Renewed optimism on announced buy-back happens as the company signaled a finance realignment following an end to bankruptcy protection.
The share repurchase is part of Hertz’s plan to replace costly financing during its bankruptcy period with less expensive debt. Hertz aims to maintain its net corporate leverage at less than 1.5 times.
HTZ: NASDAQ is currently up +1.11%.
