ESTERO,
Fla., March 22, 2022 /PRNewswire/ -- Hertz
Global Holdings, Inc. (NASDAQ: HTZ) (the "Company") announced today
that Hertz Vehicle Financing III LLC ("HVF III"), a wholly-owned,
special-purpose and bankruptcy remote subsidiary of The Hertz
Corporation ("THC") intends to issue 3 new series of rental car
asset backed notes to unaffiliated parties comprised of (i)
$333,333,000 in aggregate principal
amount of Series 2022-3 Rental Car Asset Backed Notes, Class A,
Class B, Class C, (ii) $333,333,000
in aggregate principal amount of Series 2022-4 Rental Car Asset
Backed Notes, Class A, Class B, Class C and (iii) $333,334,000 in aggregate principal amount of
Series 2022-5 Rental Car Asset Backed Notes, Class A, Class B,
Class C, in each case, subject to market and other conditions, in a
private offering (collectively, the "Offerings") exempt from the
registration requirements of the Securities Act of 1933, as amended
(the "Securities Act"). In addition, HVF III intends to issue
new rental car asset backed notes to THC comprised of (i)
$49,808,000 in aggregate principal
amount of Series 2022-3 Rental Car Asset Backed Notes, Class D,
(ii) $49,808,000 in aggregate
principal amount of Series 2022-4 Rental Car Asset Backed Notes,
Class D and (iii) $49,808,000 in
aggregate principal amount of Series 2022-5 Rental Car Asset
Backed Notes, Class D, which Class D Notes of each series may in
the future be sold to unaffiliated third parties. The Series
2022-3 Notes, Class A, Class B, Class C and Class D (collectively,
the "Series 2022-3 Notes"), the Series 2022-4 Notes, Class A, Class
B, Class C and Class D (collectively, the "Series 2022-4 Notes")
and the Series 2022-5 Notes, Class A, Class B, Class C and Class D
(collectively, the "Series 2022-5 Notes") are described together
below as the "Notes". The Company intends to issue the Notes
under the existing HVF III securitization platform to finance its
U.S. rental car fleet.
The Company expects the net proceeds from the issuance and sale
of the Notes generally will be used (i) to repay amounts
outstanding on HVF III's Series 2021-A Variable Funding Rental Car
Asset Backed Notes and (ii) for the future acquisition or
refinancing of vehicles to be leased by THC and certain of its
subsidiaries in connection with the Company's U.S. rental car
fleet.
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
securities, nor will there be any sale of the Notes or any other
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction. The Notes will be issued in reliance on the exemption
from the registration requirements provided by Rule 144A under the
Securities Act and, outside of the United States, only to non-U.S. investors
pursuant to Regulation S under the Securities Act. None of the
Notes have been registered under the Securities Act or any state or
other jurisdiction's securities laws, and 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 applicable state and other jurisdiction's
securities laws.
ABOUT HERTZ
The Hertz Corporation, a subsidiary of Hertz Global Holdings,
Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands
throughout North America,
Europe, the Caribbean, Latin
America, Africa, the
Middle East, Asia, Australia and New
Zealand. The Hertz Corporation is one of the largest
worldwide vehicle rental companies, and the Hertz brand is one of
the most recognized globally. Additionally, The Hertz Corporation
owns and operates the Firefly vehicle rental brand and 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release include
"forward-looking statements." These statements often include words
such as "believe," "expect," "project," "potential," "anticipate,"
"intend," "plan," "estimate," "seek," "will," "may," "would,"
"should," "could," "forecasts," "guidance" or similar expressions.
These statements are based on the Company's current views with
respect to future events and the use of the proceeds from the
Offerings. These forward-looking statements are subject to a number
of risks and uncertainties including prevailing market conditions,
as well as other factors, many of which are outside of the
Company's control. Forward-looking statements represent the
Company's estimates and assumptions only as of the date that they
were made, and, except as required by law, 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.