Car rental agency

Hertz Global Holdings Announces Pricing of $1.41 Billion Aggregate Private Offerings of Mid-Term Car Rental Asset-Backed Notes

ESTERO, Florida., March 25, 2022 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the “Company”) announced today that Hertz Vehicle Financing III LLC (“HVF III”), a wholly owned remote subsidiary, special and bankrupt The Hertz Corporation (“THC”) has priced 3 new series of rental car asset-backed notes for sale to unaffiliated parties including (i) $333,333,000 in aggregate principal amount of Series 2022-3 Rental Car Asset-Backed Notes, Class A, Class B, Class C, (ii) $580,000,000 in aggregate principal amount of Series 2022-4 Rental Car Asset-Backed Notes, Class A, Class B, Class C and (iii) $317,067,000 in aggregate principal amount of Series 2022-5 Class A, Class B, Class C rental car asset-backed notes, in each case for sale to unaffiliated third parties, in a private offering exempt from registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Additionally, HVF III will emit (i) $49,808,000 in aggregate principal amount of Series 2022-3 Class D Rental Car Asset-Backed Notes, (ii) $86,665,000 in aggregate principal amount of Series 2022-4 Rental Car Asset-Backed Notes, Class D and (iii) $47,377,000 as aggregate principal amount of THC Series 2022-5 Class D Rental Car Asset-Backed Notes that may in the future be sold to unaffiliated third parties. The Company uses the HVF III securitization platform to finance its rental car fleet in the United States.

The Notes will be issued subject to the following conditions:

Remarks


Main


Interest rate


Scheduled final
Payment date


Legal final
Payment date










Series 2022-3









Class A


$258,620,000


3.37%


March 2024


March 2025

Class B


$40,230,000


3.86%


March 2024


March 2025

Class C


$34,483,000


4.35%


March 2024


March 2025

Class D


$49,808,000


6.31%


March 2024


March 2025










Series 2022-4









Class A


$450,000,000


3.73%


September 2025


September 2026

Class B


$70,000,000


4.12%


September 2025


September 2026

Class C


$60,000,000


4.61%


September 2025


September 2026

Class D


$86,665,000


6.56%


September 2025


September 2026










Series 2022-5









Class A


$246,000,000


3.89%


September 2027


September 2028

Class B


$38,267,000


4.28%


September 2027


September 2028

Class C


$32,800,000


4.82%


September 2027


September 2028

Class D


$47,377,000


6.78%


September 2027


September 2028

The Class B Notes of each series will be subordinated to the Class A Notes of that series. The Class C Notes of each series will be subordinate to the Class A Notes and the Class B Notes of that series. The Class D Notes of each series will be subordinate to the Class A Notes, Class B Notes and Class C Notes of that series.

The Company anticipates that the net proceeds from the issue and sale of the Notes will generally be used (i) to repay amounts outstanding on the HVF III Series 2021-A Variable Finance Car Rental Asset-Backed Notes and (ii) for the acquisition or future refinancing of vehicles to be leased by THC and certain of its subsidiaries as part of the company’s rental car fleet in the United States. Tickets should be issued on March 30, 2022 subject to usual closing conditions.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes or any other security, nor will there be any sale of the Notes or any other title in a state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. The Notes will be sold in reliance on an exemption from the registration requirements of Rule 144A under securities law and, other than United States, only to non-US investors pursuant to Regulation S of the Securities Act. None of the Notes will be registered under the Securities Act or the securities laws of any state or other jurisdiction, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and the securities laws of any state or other applicable jurisdiction.

ABOUT HERTZ

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands through North America, Europethe Caribbean, Latin America, Africathe Middle East, Asia, Australia and New Zealand. Hertz Corporation is one of the largest car rental companies in the world and the Hertz brand is one of the most recognized in the world. Additionally, The Hertz Corporation owns and operates the Firefly vehicle rental brand and the Hertz 24/7 car-sharing business in international markets and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit www.hertz.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this release, and in related comments by the company’s management, include “forward-looking statements.” These statements often include words such as “believe”, “expect”, “project”, “potential”, “anticipate”, “intend”, “plan”, “estimate”, “seek”. , “will”, “may”, “”, “should”, “could”, “forecast”, “guidance” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, including prevailing market conditions and other factors, many of which are beyond the Company’s control. Forward-looking statements represent the Company’s estimates and assumptions only as of the date they were made, and, except as required by law, the Company undertakes no obligation to publicly update or revise the statements. forward-looking, whether as a result of new information, future events or otherwise.

SOURCEHertz Global Holdings, Inc.