Hertz Global Holdings Announces Pricing of $950 Million Medium Term Rental Car Asset Backed Notes

Hertz Global Holdings Announces Pricing of $950 Million Medium Term Rental Car
                              Asset Backed Notes

PR Newswire

PARK RIDGE, N.J., Jan. 17, 2013

PARK RIDGE, N.J., Jan. 17, 2013 /PRNewswire/ --Hertz Global Holdings, Inc.
("Hertz Holdings") (NYSE: HTZ) announced today that Hertz Vehicle Financing
LLC ("HVF"), a special purpose bankruptcy remote limited liability company of
which The Hertz Corporation ("Hertz" or the "Company"), a wholly-owned
subsidiary of Hertz Holdings, is the sole member, priced $950 million in
aggregate principal amount of three year and five year Series 2013-1 Rental
Car Asset Backed Notes, Class A and Class B, rated "Aaa" and "Baa2" by
Moody's, respectively.

(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO)

The $282.75 million of three year Class A notes carry a 1.12% coupon, the
$42.25 million of three year Class B notes carry a 1.86% coupon, the $543.75
million of five year Class A notes carry a 1.83% coupon, and the $81.25
million of five year Class B notes carry a 2.48% coupon. The three year notes
and five year notes have expected final payment dates in August 2016 and
August 2018, respectively. The Class B Notes are subordinated to the Class A

The notes are to be offered and sold only 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.

The net proceeds from the sale of the notes will be, to the extent permitted
by the applicable agreements, (i) used to pay the purchase price of vehicles
acquired by HVF pursuant to Hertz Holdings' ABS Program, (ii) used to pay the
principal amount of other ABS Program indebtedness that is then permitted or
required to be paid or (iii) released to HVF to be distributed to Hertz or
otherwise used by HVF for general purposes. The offering is expected to close
on January 23, 2013 subject to customary closing conditions.

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.


Hertz Holdings, through its subsidiary Hertz, operates its car rental business
through the Hertz, Dollar and Thrifty brands from approximately 10,400
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 8,800 corporate and licensee locations in approximately 150
countries. Our Dollar and Thrifty brands have approximately 1,580 corporate
and franchisee locations in approximately 80 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 111 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 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.


This communication contains "forward-looking statements." Examples of
forward-looking statements include information concerning Hertz Holdings'
liquidity and its possible or assumed future results of operations, including
descriptions of its business strategy. These forward-looking statements often
include words such as "believe," "expect," "project," "anticipate," "intend,"
"plan," "estimate," "seek," "will," "may," "would," "should," "could,"
"forecasts" or similar expressions. These statements are based on certain
assumptions that Hertz Holdings 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 that Hertz Holdings believes
are appropriate in these circumstances. You should understand that these
statements are not guarantees of performance or results. They involve risks,
uncertainties and assumptions. Many factors could affect our actual financial
results and could cause actual results to differ materially from those
expressed in the forward-looking statements.

Among other items, such factors could include: the effect of the debt markets
on the offering and Hertz Holdings' ability to satisfy the closing conditions
to the offering; our ability to integrate the car rental operations of Dollar
Thrifty Automotive Group, Inc. ("Dollar Thrifty") and the ability to realize
operational efficiencies from the acquisition of Dollar Thrifty; the
operational and profitability impact of divestitures that we were required to
undertake to secure regulatory approval for the acquisition of Dollar Thrifty;
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, including on our pricing policies or
use of incentives; occurrences that disrupt rental activity during our peak
periods; our ability to achieve cost savings and efficiencies and realize
opportunities to increase productivity and profitability; 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; our
ability to accurately estimate future levels of rental activity and adjust the
size 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;
safety recalls by the manufacturers of our vehicles and equipment; a major
disruption in our communication or centralized information networks; financial
instability of the manufacturers of our vehicles and equipment; any impact on
us from the actions of our licensees, 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; 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; 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; changes to our senior management team; the effect of
tangible and intangible asset impairment charges; the impact of our derivative
instruments, which can be affected by 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.

Hertz Holdings therefore cautions you against relying on these forward-looking
statements. All forward-looking statements attributable to Hertz Holdings or
persons acting on Hertz Holdings' behalf are expressly qualified in their
entirety by the foregoing cautionary statements. All such statements speak
only as of the date made, and Hertz Holdings undertakes no obligation to
update or revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.

SOURCE The Hertz Corporation

Contact: Leslie Hunziker, Hertz Investor Relations, +1-201-307-2337,
lhunziker@hertz.com; or Richard Broome, Hertz Media Relations,
+1-201-307-2486, rbroome@hertz.com
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