Deutsche Bank, Lehman Brothers and Merrill Lynch will be leading the facility to back the $15 billion buyout of Hertz Corp. from Ford Motor Co. by Clayton, Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity, bankers said. JPMorgan and Goldman Sachs are also rumored to be involved with the deal.
Specific terms have not been finalized because the deal involves a number of moving pieces, which will take into account market conditions. It will also factor in the securitization of the cars and existing bank debt. The acquisition is expected to close by the end of the year.
A Hertz spokesman said he could not comment beyond the press release. Bankers at Deutsche, Lehman and Merrill declined comment. Calls to spokespeople at the three private equity groups were not returned. A JPMorgan spokesman declined comment and calls to Goldman bankers were not returned.