Hertz raises $2 bln from spinoff, announces stock buyback

Hertz Global Holdings Inc. shares rallied in Thursday's extended session after the company said it raised about $2 billion from the spinoff of its equipment rental business into a separate publicly-traded company. The funds will be used to pay down its debt. The company also plans to buy back up to $395 million in shares. The new entity, Hertz Global, will begin trading on July 1. Shares of Hertz Global Holdings were up 3.9% after hours.

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