In This Article:
Extends $1.665 Billion of Commitments Under Revolving Credit Facility, $2.860 Billion of Commitments Under HVF III U.S. Vehicle Variable Funding Notes, and €1.160 Billion Under European ABS
ESTERO, Fla., May 9, 2025 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the "Company") announced today the successful extension of its First Lien RCF, HVF III U.S. Vehicle Variable Funding Notes, and European ABS strengthening the Company's financial foundation and enhancing strategic flexibility. With each of these extensions, the Company is well positioned to continue executing its strategic plan anchored on disciplined fleet management, revenue optimization, and rigorous cost control. These extensions ensure that the Company has access to sufficient capital to support its strategic needs and vehicle fleet, including retaining the ability to supplement its fleet funding needs in the future.
"Each of these extensions mark another step forward in our transformation as they afford us additional financial strength and flexibility to execute our plan," said Gil West, Hertz CEO. "They are a testament to the progress we're making and reflect the confidence our lenders have in our ability to transform the company and achieve our long- term goals."
In summary, Hertz:
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Amended its First Lien Credit Agreement governing the revolving credit facility to provide for the extension of the maturity date of approximately $1.665 billion of commitments under the existing $2.0 billion revolving credit facility from June 30, 2026, to March 31, 2028. The Company will have access to up to $2.0 billion under its revolving credit facility until June 30, 2026, and thereafter the aggregate amount of commitments under its revolving credit facility will be $1.665 billion until March 31, 2028.
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Amended its HVF III U.S. Vehicle Variable Funding Notes to extend the commitment termination date for such notes by one year to May 7, 2027. The Class A maximum principal amount available will be $3.640 billion until April 10, 2026, and thereafter will be $2.860 billion until May 7, 2027.
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Amended its European ABS securitization platform for financing activities relating to affiliates' vehicle fleets in Europe to extend the maturity date of €1.160 billion of Class A notes in the facility to April 30, 2027. The aggregate amount of Class A note commitments under the European ABS facility remaining until March 31, 2026, is €1.289 billion.
For additional details, please refer to the Company's Form 8-K filing with the U.S. Securities and Exchange Commission.