Hertz Global's Unit Establishes New U.S. Rental Car Securitization Platform

(RTTNews) - Hertz Global Holdings, Inc. (HTZ), Wednesday said its wholly owned subsidiary, The Hertz Corporation, completed the establishment of a new securitization platform, to facilitate its financing activities of the vehicle fleet used by the company in the U.S. daily car rental operations of its Hertz, Dollar, Thrifty and Firefly brands. In line with the completion of the financing platform on November 25, Hertz's wholly owned special purpose subsidiary, Hertz Vehicle Financing II LP completed a $3.175 billion financing, allocated between two series of variable funding notes, the HVF II Series 2013-A Notes and the HVF II Series 2013-B Notes.

The initial aggregate maximum principal amount of the A notes was $2.575 billion, of which about $2.2 billion was funded as of November 25. The B notes had a maximum principal amount of $600 million, of which about $468 million was funded on the same day. The HVF II Series 2013-A Notes and HVF II Series 2013-B Notes each have an expected maturity date of November 25, 2015.

The net proceeds from the sale of the HVF II Series 2013-A Notes were used to refinance almost all of the outstanding Series 2009-1 Variable Funding Rental Car Asset Backed Notes, and $150 million of the aggregate maximum principal amount of the HVF Series 2009-1 Notes remained outstanding as of November 25. The net proceeds from the sale of the HVF II Series 2013-B Notes were used to refinance the Series 2010-3 Variable Funding Rental Car Asset Backed Notes. The new HVF II financing platform also provides for the issuance of medium term asset backed notes and will serve as Hertz's primary rental car securitization platform in the U.S.