PARK RIDGE, NJ, Oct. 23, 2009 (Marketwire) --
PARK RIDGE, NJ -- (Marketwire) -- 10/23/09 -- Hertz Global Holdings, Inc. (NYSE: HTZ) (the "Company") announced today that its subsidiary, Hertz Vehicle Financing LLC, has completed a $1.2 Billion medium term note issuance. To spread out future debt maturities, the Series 2009-2 Rental Car Asset Backed Notes are split into $500 million of 3 year 4.26% notes with an expected final maturity in March 2013 and $700 million of 5 year 5.29% notes with an expected final maturity in March 2015. The notes are rated "Aaa" by Moody's and have an advance rate of approximately 66%.
Mark P. Frissora, the Company's Chairman and Chief Executive Officer said, "We are pleased we were able to achieve incremental term extension with the 5 year notes and grow the overall transaction size to $1.2 billion on favorable terms. We have now raised more than $3.3 billion in the last month effectively completing the Company's US fleet refinancing initiative a year ahead of schedule."
The notes are to be sold to qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A of the Securities Act of 1933, as amended (the "Securities Act") and to investors outside the United States pursuant to Regulation S under the Securities Act. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The notes have not been and will not be registered under the Securities Act or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. Forward-looking statements include information concerning the Company's outlook, anticipated revenues, results of operations and implementation of productivity and efficiency initiatives, including targeted job reductions, and the anticipated savings and restructuring charges expected to be realized or incurred in connection therewith.
