Hertz Refinances $5.5 Billion Since August 2009

SOURCE: The Hertz Corporation

PARK RIDGE, NJ–(Marketwire – July 28, 2010) –  Hertz Global Holdings, Inc. (NYSE: HTZ) and its subsidiary Hertz Vehicle Financing LLC announced today the successful completion of the Company’s 2010 fleet debt refinancing for its largest rental markets. Hertz has refinanced $5.5 billion of fleet debt for its North American and European businesses. Approximately $400 million of fleet debt in Australia and Brazil remains to be refinanced which the Company expects to be completed by the fourth quarter of this year. With refinancing activities since August, 2009, Hertz has secured financing for its fleet and other, general purposes. 

Mark P. Frissora, the Company’s Chairman and Chief Executive Officer, said, “Hertz completed $5.5 Billion of refinancings ahead of schedule and on favorable terms demonstrating our solid financial condition and the ability to efficiently finance the business in difficult credit market conditions.”

The successful refinancing program included the following offerings:

July 2010 
$491 Million European Securitization (EUR 400 Million)*
$750 Million Series 2010-1 Notes (senior and subordinated)

June 2010 
$184 Million Series 2009-2 Notes (subordinate)
$491 Million European Notes (EUR 400 Million)*
$270 Million European Revolving Credit Facility (EUR 220 Million)*

October 2009 
$500 Million Series 2009-2 Notes
$700 Million Series 2009-2 Notes

September 2009 
$2,138 Million Series 2009-1 Notes (revolving facility)

* Euro debt was translated using exchange rates as of June 30, 2010.


Certain statements contained in this press release and in related comments by our management include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning the anticipated closing of the Securitization, as well as any other statement that does not directly relate to any historical or current fact. These forward-looking statements often include words such as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecast” or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative. In light of these risks, uncertainties and assumptions, the Company cautions you against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and 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.


Hertz is the largest worldwide airport general use car rental brand operating from more than 8,200 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 81 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company’s Prestige, Fun and Green Collections, set Hertz apart from the competition. The Company also operates the Advantage car rental brand at 26 airports in the U.S., global car sharing club, Connect by Hertz, in New York City, Berlin, London, Madrid and Paris. Hertz also operates one of the world’s largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, and new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 325 branches in the United States, Canada, China, France and Spain.

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