ESTERO, Fla., June 8, 2015 /PRNewswire/ -- The Hertz
Corporation (NYSE: HTZ) ("Hertz" or the "Company") today announced
that it has successfully solicited consents from holders of its and
its wholly-owned subsidiary, Hertz Holdings Netherlands B.V.'s
("HHN BV"), outstanding unsecured senior notes to amend and waive
certain provisions of the indentures (collectively, the
"Indentures") pursuant to which such senior notes were
issued. Hertz also announced today that it has successfully
solicited consents from holders of its wholly-owned subsidiary,
Hertz Vehicle Financing LLC's ("HVF"), outstanding notes (the "ABS
Notes") to amend and waive certain provisions of its operating
lease ("Lease") with Hertz that secures such ABS Notes.
The consent solicitations were made solely upon the terms and
subject to the conditions set forth in the Consent Solicitation
Statement and Notice of Consent Solicitation, each dated
May 18, 2015, as applicable.
Holders of notes who validly delivered and did not revoke consents
at or prior to the applicable expiration time will receive the
applicable consent fee.
With respect to the senior notes, on May
28, 2015, the Company (and, on June
4, 2015, HHN BV, as applicable) entered into supplemental
indentures to the relevant Indentures to amend, effective as of
March 30, 2014, the reporting
covenant in each of the Indentures to eliminate any obligation for
the Company (or HHN BV, as applicable) to deliver to the trustee or
the noteholders or file with the SEC (i) its annual report on Form
10-K for the period ended December 31,
2014 and its quarterly reports on Form 10-Q for the periods
ended March 31, 2015 and June 30, 2015, in each case prior to September 30, 2015, and (ii) its quarterly
reports on Form 10-Q for the periods ended March 31, 2014, June 30,
2014 and September 30,
2014. In connection with the foregoing, the noteholders also
waived any default or event of default under the relevant
Indentures that may occur or exist as a result of or in connection
with the Company not filing any amendments to previously filed SEC
reports or the failure to timely deliver to the trustee or the
noteholders, or file with the SEC, the delayed SEC
reports.
With respect to the ABS Notes, on May 28,
2015, HVF entered into an amendment and waiver to the Lease,
effective as of March 30, 2014, to
eliminate the requirement to furnish (or cause to be furnished) the
quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30,
2014 and September 30, 2014
under the Lease. In connection with the foregoing, the
noteholders also waived any potential event of default or event of
default under the Lease that may occur or exist as a result,
directly or indirectly arising out of or in connection with
the failure to furnish (or cause to be furnished) such
quarterly reports.
Barclays Capital Inc. acted as the Solicitation Agent in
connection with the consent solicitations, and D.F. King & Co., Inc. served as Information
and Tabulation Agent.
This announcement does not constitute a solicitation of consents
of holders of the senior notes or ABS notes and shall not be deemed
a solicitation of consents with respect to any other securities of
HVF, the Company or any of their subsidiaries. No
recommendation was made as to whether holders of the senior notes
or ABS notes should consent to the foregoing amendments or
waivers. The solicitation of consents was not made in any
jurisdiction in which, or to or from any person to or from whom, it
was unlawful to make such solicitation under applicable state or
foreign securities or "blue sky" laws.
About Hertz
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental
brands in more than 10,300 corporate and licensee locations
throughout approximately 145 countries in North America, Europe, Latin
America, Asia, Australia, Africa, the Middle
East and New Zealand. Hertz is the largest worldwide
airport general use car rental company with more than 1,600 airport
locations in the U.S. and more than 1,300 airport locations
internationally. Product and service initiatives such as
Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi
and unique vehicles offered through the Adrenaline, Dream, Green
and Prestige Collections set Hertz apart from the
competition. Additionally, Hertz owns the vehicle leasing and
fleet management leader Donlen Corporation, operates the Hertz 24/7
hourly car rental business and sells vehicles through its Rent2Buy
program. The Company also owns Hertz Equipment Rental
Corporation ("HERC"), one of the largest equipment rental
businesses with more than 350 locations worldwide offering a
diverse line of equipment and tools for rent and sale. HERC
primarily serves the construction, industrial, oil, gas,
entertainment and government sectors. For more information
about Hertz, visit: www.hertz.com.
Cautionary Note Concerning Forward Looking Statements
Certain statements contained in this release, and in related
comments by the Company's management, include "forward-looking
statements." Forward-looking statements include information
concerning the Company's liquidity and its possible or assumed
future results of operations, including descriptions of its
business strategies. These statements often include words
such as "believe," "becoming," "expect," "project," "potential,"
"preliminary," "anticipate," "intend," "plan," "estimate," "seek,"
"will," "may," "would," "should," "could," "forecasts" or similar
expressions. These statements are based on certain
assumptions that the Company has made in light of its experience in
the industry as well as its perceptions of historical trends,
current conditions, expected future developments and other factors
it believes are appropriate in these circumstances. The
Company believes these judgments are reasonable, but you should
understand that these statements are not guarantees of performance
or results, and the Company's actual results could differ
materially from those expressed in the forward-looking statements
due to a variety of important factors, both positive and negative,
that may be revised or supplemented in subsequent reports on SEC
Forms 10-K, 10-Q and 8-K. Some important factors that could
affect the Company's actual results include, among others, the
thorough review and investigation of the Company's internal
financial records that is being conducted, additional time that may
be required to complete the review, the ability of the Company to
remediate any material weaknesses in its internal control over
financial reporting, the ability of the Company's lenders to
exercise any remedies under the Company's indebtedness, the final
results of the SEC's inquiry or any other governmental inquiries or
investigations, and those that may be disclosed from time to time
in subsequent reports filed with the SEC and those described under
"Risk Factors" set forth in Item 1A of the annual report on Form
10-K for the year ended December 31,
2013 of the Company. You should not place undue
reliance on forward-looking statements. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by the foregoing
cautionary statements. All such statements speak only as of
the date made, and the Company undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise.
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SOURCE Hertz Global Holdings, Inc.