12 Best Stocks to Invest in Under $100

8. Hertz Global Holdings Inc. (NASDAQ:HTZ)

Number of Hedge Fund Holders: 45

Hertz Global Holdings Inc. (NASDAQ:HTZ) is one of the best stocks to invest in under $100. On June 25, Hertz Global announced the pricing of an upsized $350 million private offering of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030. The company granted initial purchasers an option to acquire an additional $50 million in notes, which was successfully closed on June 29. Proceeds are to be used to pay down revolving credit facility debt and for general corporate purposes.

The notes carry a 6.75% interest rate, payable semi-annually with a 50/50 split between cash and PIK interest. They are exchangeable into cash, company common stock, or a combination thereof, at an initial price of approximately $3.58 per share. The notes are guaranteed by Hertz and its subsidiaries, secured on a first-lien basis, and rank pari passu with existing first-lien credit facilities.

Concurrent with this note offering, Hertz Global Holdings Inc. (NASDAQ:HTZ) also announced a separate public offering of 37,037,037 shares of common stock at $2.70 per share. These borrowed shares are intended to facilitate hedging transactions for investors in the notes. While the note offering is not contingent on this stock sale, the stock offering is dependent on the successful closing of the notes.

Hertz Global Holdings Inc. (NASDAQ:HTZ) is involved in the vehicle rental business through the Hertz, Dollar, and Thrifty brands. The company’s operations are divided into the Americas Rental Car and International Rental Car segments