ESTERO, Fla., June 1, 2016 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NYSE: HTZ) ("Hertz Global" or the "Company") today announced that Hertz Vehicle Financing II LP ("HVF II"), a
wholly owned special purpose subsidiary of the Company, priced $848.4 million in aggregate principal amount of Series
2016-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (the "Series 2016-3 Notes"), and Series 2016-4 Rental
Car Asset Backed Notes, Class A, Class B, Class C and Class D (the "Series 2016-4 Notes" and, together with the Series 2016-3
Notes, the "Notes"). The Company utilizes the HVF II securitization platform to finance its U.S. rental car fleet.
The expected maturities of the Series 2016-3 Notes and the Series 2016-4 Notes are July 2019 and July 2021, respectively. The Series 2016-3 Notes are comprised of approximately $300.0
million aggregate principal amount of 2.27% Rental Car Asset Backed Notes, Class A, $77.1 million aggregate
principal amount of 3.11% Rental Car Asset Backed Notes, Class B, $22.9 million aggregate principal amount of 4.43%
Rental Car Asset Backed Notes, Class C, and $24.2 million aggregate principal amount of 5.41% Rental Car Asset Backed
Notes, Class D. The Series 2016-4 Notes are comprised of approximately $300.0 million aggregate principal amount
of 2.65% Rental Car Asset Backed Notes, Class A, $77.1 million aggregate principal amount of 3.29% Rental Car Asset
Backed Notes, Class B, $22.9 million aggregate principal amount of 5.06% Rental Car Asset Backed Notes, Class C,
and $24.2 million aggregate principal amount of 6.03% Rental Car Asset Backed Notes, Class D. The Class B Notes
of each series are subordinated to the Class A Notes of such series. The Class C Notes of each series are subordinated to the
Class A Notes and the Class B Notes of such series. The Class D Notes of each series are subordinated to the Class A Notes, the
Class B Notes and the Class C Notes of such series. The Class D Notes will be retained by HVF II or conveyed to an
affiliate of HVF II.
The net proceeds from the sale of the Notes generally are expected to be used (i) to make loans to Hertz Vehicle Financing
LLC, a wholly owned special purpose subsidiary of the Company, and/or (ii) to repay a portion of the outstanding principal amount
of HVF II's Series 2013-A Variable Funding Notes and HVF II's Series 2014-A Variable Funding Notes, as well as other series of
notes issued by HVF II, from time to time. The offering is expected to close on June 8, 2016, subject to customary
closing conditions.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes or any other
securities, nor will there be any sale of the Notes or any other securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state
or other jurisdiction. The Notes will be sold in reliance on an exemption from the registration requirements provided by Rule
144A under the Securities Act of 1933 (the "Securities Act") and, solely in the case of the Class A Notes, the Class B Notes and
the Class C Notes, to investors outside the United States pursuant to Regulation S under the Securities Act. None
of the Notes will be registered under the Securities Act or the securities laws of any state or other jurisdiction, and the Notes
may not be offered or sold in the United States absent registration or an applicable exemption from the registration
requirements of the Securities Act and the securities laws of any applicable state or other jurisdiction.
ABOUT HERTZ GLOBAL HOLDINGS
Hertz Global operates the Hertz, Dollar, Thrifty and Firefly car rental brands in approximately 10,000 corporate and
franchisee locations throughout North America, Europe, Latin
America, Africa, the Middle East, Asia, Australia, and New Zealand. Hertz
Global is one of the largest worldwide airport general use car rental companies, and the Hertz brand is one of the most
recognized in the world. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi
and unique vehicles offered through the Adrenaline, Dream, Green and Prestige Collections set Hertz Global apart from the
competition. Additionally, Hertz Global owns the vehicle leasing and fleet management leader Donlen Corporation, operates
the Hertz 24/7 hourly car rental business in international markets and sells vehicles through its Rent2Buy program. The Company
also owns Hertz Equipment Rental Corporation ("HERC"), one of the largest equipment rental businesses with approximately 280
corporate locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the
construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz Global, visit:
www.hertz.com.
Cautionary Note Concerning Forward Looking Statements
Certain statements contained in this release include "forward-looking statements." Forward-looking statements include
information concerning the Company's liquidity and its possible or assumed future results of operations, including descriptions
of its business strategies. These statements often include words such as "believe," "expect," "project," "potential,"
"anticipate," "intend," " plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" 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 it
believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand
that these statements are not guarantees of performance or results, and the Company's actual results could differ materially from
those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be
revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K.
Among other items, such factors could include: the effect of the debt markets on the offering; the Company's ability to
satisfy the closing conditions to the offering; any claims, investigations or proceedings arising as a result of the restatement
of our previously issued financial results; our ability to remediate the material weaknesses in our internal controls over
financial reporting; the effect of our proposed separation of HERC and ability to obtain the expected benefits of any related
transaction; levels of travel demand, particularly with respect to airline passenger traffic in the United States and
in global markets; significant changes in the competitive environment, including as a result of industry consolidation, and the
effect of competition in our markets on rental volume and pricing, including on our pricing policies or use of incentives; an
increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we
dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs; occurrences
that disrupt rental activity during our peak periods; our ability to achieve and maintain cost savings and efficiencies and
realize opportunities to increase productivity and profitability; our ability to accurately estimate future levels of rental
activity and adjust the size and mix of our fleet accordingly; our ability to maintain sufficient liquidity and the availability
to us of additional or continued sources of financing for our revenue earning equipment and to refinance our existing
indebtedness; our ability to realize the operational efficiencies of the acquisition of Dollar Thrifty Automotive Group, Inc.;
our ability to maintain access to third-party distribution channels, including current or favorable prices, commission structures
and transaction volumes; an increase in our fleet costs or disruption to our rental activity, particularly during our peak
periods, due to safety recalls by the manufacturers of our vehicles and equipment; changes to our senior management team; a major
disruption in our communication or centralized information networks; financial instability of the manufacturers of our vehicles
and equipment, which could impact their ability to perform under agreements with us and/or their willingness or ability to make
cars available to us or the rental car industry on commercially reasonable terms; any impact on us from the actions of our
franchisees, dealers and independent contractors; our ability to maintain profitability during adverse economic cycles and
unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and
increases or volatility in fuel costs; our ability to successfully integrate acquisitions and complete dispositions; our ability
to maintain favorable brand recognition; costs and risks associated with litigation and investigations; risks related to our
indebtedness, including our substantial amount of debt, our ability to incur substantially more debt and increases in interest
rates or in our borrowing margins; our ability to meet the financial and other covenants contained in our Senior Credit
Facilities, our outstanding unsecured Senior Notes and certain asset-backed and asset-based arrangements; our ability to
successfully outsource a significant portion of our information technology services or other activities; changes in accounting
principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the
estimates, which could have an effect on earnings; changes in the existing, or the adoption of new laws, regulations, policies or
other activities of governments, agencies and similar organizations where such actions may affect our operations, the cost
thereof or applicable tax rates; the effect of tangible and intangible asset impairment charges; our exposure to uninsured claims
in excess of historical levels; fluctuations in interest rates and commodity prices; and our exposure to fluctuations in foreign
exchange rates. Additional information concerning these and other factors can be found in our filings with the Securities
and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K.
You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company
or persons acting on its 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.
For further information: Investor Relations: Leslie Hunziker, (239) 301-7773, investorrelations@hertz.com; Media: Hertz Media
Relations, (844) 845-2180 (toll free), mediarelations@hertz.com
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SOURCE Hertz Global Holdings, Inc.