Hertz announces $250 mln exchangeable offering for debt refinancing; shares rise

** Shares of car-rental firm Hertz Global HTZ.O up 9.6% in extended trading to $7.64 as it seeks capital raise to refinance some debt

** Estero, Florida-based HTZ announces private offering of $250 mln exchangeable notes due 2030

** It intends to use net offering proceeds to fund partial redemption or repurchase of its outstanding notes due 2026 on or before Dec 31, 2025

** It also plans to use a portion of proceeds to pay cost of capped calls, derivative transactions employed to help offset potential dilution

** Pershing Square Capital Management intends to enter into swap transactions in which Pershing will obtain long economic exposure to approx $100 mln of HTZ's common stock, per the statement

** Earlier this year, hedge fund billionaire Bill Ackman boosted his stake in HTZ through his investment management vehicle Pershing, expressing confidence in the management's efforts to reduce costs to improve profit margins over the next several years

** HTZ shares on Weds edged up 0.1% to close at $6.97, up 90% YTD

** Of 10 analysts covering the stock, 6 rate "hold" and 4 rate "sell"; median PT is $3.55, per LSEG data