(Source: MARKETWIRE)Hertz Global Holdings, Inc. (NYSE: HTZ) (the "Company" or "Hertz") announced that Hertz Vehicle Financing, LLC, its indirect wholly owned special purpose subsidiary, has completed a $2.14 billion issuance of Series 2009-1 Variable Funding Rental Car Asset Backed Notes ("VFN"), due January 2012, with Controlled Amortization Payment Dates between November 2011 and January 2012 (the "Notes"). The Notes are rated Aa1 by Moody's, have an advance rate of approximately 67% and a margin of 2.5% above the applicable floating rate index (currently equal to 4.0% on a fixed rate basis excluding fees). The Company has now completed, one year ahead of schedule, transactions affecting a majority of its U.S. fleet debt scheduled to be refinanced by the end of 2010. Additionally, Hertz has no significant corporate debt maturities prior to 2012, and has over $1 billion of unused corporate borrowing capacity.

Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, "Completion of this VFN facility, and of our $990 million equity and convertible debt offerings earlier this year, demonstrates our ability to efficiently finance the business in difficult market conditions. We are very pleased with the results of the refinancing. The deal was over-subscribed allowing us to raise $2.14 billion, which exceeded our original target of $1.5 billion. In addition the majority of existing lenders recommitted, some increasing their participation, and we attracted new money. We believe the strong support for this facility demonstrates our solid financial condition, our ability to successfully manage the business despite difficult macro conditions and the high quality of the Hertz rental fleet. We are confident of our ability to refinance the remainder of our debt requirement through 2010."

In addition to extending the maturity date for its revolving VFN fleet financing facility, Hertz and its lenders have agreed to certain amendments to the asset-backed securitization agreements which are designed to give the Company greater flexibility in the future.

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc. (NYSE: HTZ), is the world's largest general use car rental brand, operating from approximately 8,000 locations in 145 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 42 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa, Asia, and the Middle East.