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Hertz Completes Repricing Of Tranche B Senior Term Loan Facility

hertz (select to view enlarged photo)

PARK RIDGE, NJ--April 8, 2013 --  Hertz Global Holdings, Inc. (the "Company") announced today that its wholly-owned subsidiary, The Hertz Corporation ("Hertz"), has successfully completed a repricing of its currently outstanding $1,372 billion senior secured tranche B term loan facility.  As part of the repricing, the tranche B term loans will be replaced by new tranche B-2 term loans.

The expected interest savings are driven by a reduction in the applicable margin charged on Eurodollar borrowings under the new tranche B-2 term loans from 275 basis points to 225 basis points, and by a reduction in the interest rate floor applicable to Eurodollar borrowings under the new tranche B-2 term loans from 100 basis points to 75 basis points.  To reprice the tranche B term loans, Hertz amended the terms of its March 2011 term loan credit agreement.

The terms and conditions of the new tranche B-2 term loans with respect to maturity, collateral, and covenants are otherwise unchanged compared to the tranche B term loans. 


Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,270 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,860 corporate and licensee locations in approximately 150 countries.  Our Dollar and Thrifty brands have approximately 1,410 corporate and franchisee locations in 83 countries. Our Hertz brand name is one of the most recognized in the world, signifying leadership in quality rental services and products. We are one of the only car rental companies that has an extensive network of company‑operated rental locations both in the United States and in all major European markets. We believe that we maintain the leading airport car rental brand market share, by overall reported revenues, in the United States and at 120 major airports in Europe where we have company‑operated locations and where data regarding car rental concessionaire activity is available. We believe that we also maintain the second largest market share, by overall reported revenues, in the off-airport car rental market in the United States. In our equipment rental business segment, we rent equipment through approximately 340 branches in the United States, Canada, France, Spain, China and Saudi Arabia, as well as through our international licensees. We and our predecessors have been in the car rental business since 1918 and in the equipment rental business since 1965. We also own Donlen Corporation, based in Northbrook, Illinois, which is a leader in providing fleet leasing and management services.