Hertz Global Holdings Inc.
07/17/2025 | Press release | Distributed by Public on 07/17/2025 15:25
Material Agreement, Financial Obligation (Form 8-K)
Item 1.01 Entry into a Material Definitive Agreement.
European ABS Amendments
On July 17, 2025, affiliates of The Hertz Corporation ("THC") entered into amendments to the agreements governing the securitization platform for financing activities relating to such affiliates' vehicle fleets in Belgium, France, Germany, Italy, the Netherlands, and Spain (the "European ABS") for the issuance of new Class C Notes under the European ABS facility to unaffiliated third parties in an aggregate principal amount equal to €100,000,000 (the "Amendments"). The new Class C Notes issued thereunder initially (i) have a maturity date of April 2027, (ii) have a fixed interest rate of 10.54%, (iii) are subordinated to the Class A Notes and the Class B Notes issued thereunder, and (v) have been issued on a revolving basis.
Pursuant to the European ABS facility, International Fleet Financing No. 2 B.V. ("IFF No. 2"), an indirect, special purpose subsidiary of THC, is party to an issuer facility agreement originally dated September 25, 2018 between, among others, IFF No. 2, Hertz Europe Limited (as Administrator), BNPP Paribas Trust Corporation UK Limited (as Security Trustee), and Credit Agricole Corporate and Investment Bank (as Administrative Agent) (the "Issuer Facility Agreement"), which includes defined terms as set forth in a Master Definitions and Constructions Agreement (the "MDCA"). IFF No. 2's proceeds from the Issuer Facility Agreement are made available on a revolving basis to certain special purpose fleet subsidiaries of THC (the "Fleet Companies") for their purchases of rental vehicles, and those vehicle fleets serve as the underlying collateral for the Issuer Facility Agreement. Certain of THC's international operating subsidiaries lease the vehicles from the Fleet Companies for rental to customers. In connection with the Amendments for the issuance of the new Class C Notes, each of the Issuer Facility Agreement and the MDCA were amended and restated effective as of July 17, 2025.
The foregoing descriptions of the amendments to the Issuer Facility Agreement and the MDCA are qualified in their entirety by reference to Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information required by Item 2.03 contained in Item 1.01 of this Current Report is incorporated herein by reference.
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