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Hertz Global Holdings Announces Pricing of Private Offerings in the Aggregate Amount of $1.41 Billion Medium Term Rental Car Asset Backed Notes
ESTERO, Fla., March 25, 2022 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the "Company") announced today that Hertz Vehicle Financing III LLC
About this update from Hertz Global Holdings, Inc
[{"type":"text","content":"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.\nThe Notes will be issued with the following terms:\nNotes\nPrincipal\nInterest Rate\nExpected FinalPayment Date\nLegal FinalPayment Date\nSeries 2022-3\n Class A\n$258,620,000\n3.37%\nMarch 2024\nMarch 2025\n Class B\n$40,230,000\n3.86%\nMarch 2024\nMarch 2025\n Class C\n$34,483,000\n4.35%\nMarch 2024\nMarch 2025\n Class D\n$49,808,000\n6.31%\nMarch 2024\nMarch 2025\nSeries 2022-4\n Class A\n$450,000,000\n3.73%\nSeptember 2025\nSeptember 2026\n Class B\n$70,000,000\n4.12%\nSeptember 2025\nSeptember 2026\n Class C\n$60,000,000\n4.61%\nSeptember 2025\nSeptember 2026\n Class D\n$86,665,000\n6.56%\nSeptember 2025\nSeptember 2026\nSeries 2022-5\n Class A\n$246,000,000\n3.89%\nSeptember 2027\nSeptember 2028\n Class B\n$38,267,000\n4.28%\nSeptember 2027\nSeptember 2028\n Class C\n$32,800,000\n4.82%\nSeptember 2027\nSeptember 2028\n Class D\n$47,377,000\n6.78%\nSeptember 2027\nSeptember 2028\nThe Class B Notes of ea...