ESTERO,
Fla., 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,
special-purpose and bankruptcy remote subsidiary of The Hertz
Corporation ("THC") has priced 3 new series of rental car asset
backed notes to be sold 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) $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 Rental Car Asset Backed Notes, Class A, Class B,
Class C, in each case to be sold to unaffiliated third parties, in
a private offering exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act"). In
addition, HVF III will issue (i) $49,808,000 in aggregate principal amount of
Series 2022-3 Rental Car Asset Backed Notes, Class D, (ii)
$86,665,000 in aggregate principal
amount of Series 2022-4 Rental Car Asset Backed Notes, Class D and
(iii) $47,377,000 in aggregate
principal amount of Series 2022-5 Rental Car Asset Backed Notes,
Class D to THC which may in the future be sold to unaffiliated
third parties. The Company utilizes the HVF III
securitization platform to finance its U.S. rental car fleet.
The Notes will be issued with the following terms:
Notes
|
|
Principal
|
|
Interest
Rate
|
|
Expected 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 such series. The Class C Notes of each series will
be subordinated to the Class A Notes and the Class B Notes of such
series. The Class D Notes of each series will be subordinated to
the Class A Notes, the Class B Notes, and the Class C Notes of such
series.
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. The Notes are expected to be issued on March 30, 2022 subject to customary 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
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 sold in reliance on an 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 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 applicable state or
other jurisdiction.
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, 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," "would,"
"should," "could," "forecasts," "guidance" or similar expressions.
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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content:https://www.prnewswire.com/news-releases/hertz-global-holdings-announces-pricing-of-private-offerings-in-the-aggregate-amount-of-1-41-billion-medium-term-rental-car-asset-backed-notes-301511127.html
SOURCE Hertz Global Holdings, Inc.