Business
Hertz Global Holdings Announces Proposed Private Offerings in the Aggregate Amount of $1.15 Billion Medium Term Rental Car Asset Backed Notes
ESTERO, Fla., March 22, 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 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.\nThe 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.\nThis press release does n...