NEW YORK (AFX) - Hertz Corp. on Friday refiled a statement with the Securities and Exchange Commission for an initial public offering of its common stock and restated its earnings for the 2005 fiscal year.
The company, which filed for the new offering under the name Hertz Global Holdings Inc., set the maximum price of the offering at $1 billion.
Underwriters for the issue are Goldman, Sachs & Co., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., Deutsche Bank Securities Inc. and JPMorgan Securities Inc.
Hertz Corp., a former division of Ford Motor Co., said in a separate filing it was restating its results for the year ended Dec. 20, 2005 to correct a tax provision on repatriated foreign profit.
The restatement reduced Hertz's net income for the year by $27.5 million, but is not expected to have an effect on the company's liquidity, because Ford is liable for the tax, Hertz said in the SEC filing.
Ford announced in September 2005 that it would sell Hertz to an investor group of private equity firms.
Under terms of the agreement, Ford was to receive $5.6 billion for Hertz' equity. Including debt, the deal was valued at about $15 billion.
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