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Hertz Global Holdings, facing a huge pile of debt payments and big bills to upgrade its fleet, is getting the bond market’s version of sticker shock.

Refinancing costs are surging after more than a quarter of the car-rental company’s market value was obliterated in one week and a gauge of its credit risk jumped to the highest since the financial crisis. Those rising costs could effectively shut Hertz out of the unsecured bond market it has relied on for years to replenish cash and purchase cars. With interest expenses already topping half a billion dollars a year, Hertz may have to pledge more of its assets to creditors to keep those costs from going even higher.

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