January 26, 2015 11:36 AM ET

Road and Rail

Company Overview of The Hertz Corporation

Company Overview

The Hertz Corporation rents and leases cars and trucks in the United States and internationally. It operates in four segments: U.S. Car Rental, International Car Rental, Worldwide Equipment Rental, and All Other Operations. The company rents various makes and models of cars, crossovers, and light trucks on hourly, daily, weekend, weekly, monthly, or multi month basis primarily to individual travelers, large businesses, governments, and other organizations through a network of company-operated rental airport and off-airport locations, as well as franchise locations. It also sells used cars through a network of approximately 65 company-operated car sales locations; and provides fleet leasing a...

225 Brae Boulevard

Park Ridge, NJ 07656

United States

Founded in 1918

30,400 Employees

Phone:

201-307-2000

Key Executives for The Hertz Corporation

Chief Executive Officer
Age: 51
Chief Financial Officer and Senior Executive Vice President
Age: 48
Chief Executive Officer of Donlen Corporation
Chief Executive Officer of Hertz Equipment Rental Corporation and President of Hertz Equipment Rental Corporation
Group President of Rent A Car Americas
Age: 58
Compensation as of Fiscal Year 2014.

The Hertz Corporation Key Developments

Fired Muslims Sue Hertz Corp

Six former employees of the Hertz Corp. at the Minneapolis-St. Paul International Airport have sued the rental car company, saying that managers routinely demeaned their religion and fired them after imposing arbitrary prayer rules for Muslims. In addition, the suit alleges, managers walked in on their prayer services to take attendance and repeatedly held them to a higher standard of conduct and more stringent discipline than their non practicing Muslim co-workers of East African heritage. Five of the plaintiffs are Somali-American, and one is of Ethiopian heritage.

The Hertz Corporation Enters into Amendment and Waiver with the Several Banks and Financial Institutions

On December 15, 2014, The Hertz Corporation entered into an Amendment and Waiver with the several banks and financial institutions party thereto as lenders and Deutsche Bank AG New York Branch, as administrative agent, relating to approximately $2.1 billion of senior secured term loans and $200.0 million of credit linked deposits under the Credit Agreement, dated as of March 11, 2011, between Hertz, as borrower, and Deutsche Bank AG New York Branch, as administrative agent and collateral agent, Wells Fargo Bank, National Association, as syndication agent, Bank of America, N.A., Barclays Bank PLC, Citibank, N.A., Credit Agricole Corporate and Investment Bank and JPMorgan Chase Bank, N.A., as co-documentation agents, and the other financial institutions party thereto from time to time (as amended from time to time, the Senior Term Facility). The waiver in the Amendment and Waiver defers Hertz's requirement to furnish certain financial statements within certain time periods in the documentation of the Senior Term Facility, as well as waives defaults arising directly or indirectly from the delay in providing such financial statements and the restatement of Hertz's 2011, 2012 and 2013 financial statements. The Amendment and Waiver increases the interest rates payable on the term loans and credit linked deposits during the period from December 15, 2014 through but excluding the date on which Hertz has furnished all periodic reports then due to be delivered under the terms of the Senior Term Facility. During such period, the Tranche B Term Loans and the Tranche B-1 Term Loans will bear interest at a floating rate measured by reference to, at Hertz's option, either an adjusted London inter-bank offered rate not less than 1.00% plus a borrowing margin of 3.00% per annum or an alternate base rate plus a borrowing margin of 2.00% per annum, and the Tranche B-2 Term Loans will bear interest at a floating rate measured by reference to, at Hertz's option, either an adjusted London inter-bank offered rate not less than 0.75% plus a borrowing margin of 2.75% per annum or an alternate base rate plus a borrowing margin of 1.75% per annum. From and after the date on which Hertz has furnished all periodic reports then due to be delivered under the terms of the Senior Term Facility, the Tranche B Term Loans and the Tranche B-1 Term Loans will bear interest at a floating rate measured by reference to, at Hertz's option, either an adjusted London inter-bank offered rate not less than 1.00% plus a borrowing margin of 2.75% per annum or an alternate base rate plus a borrowing margin of 1.75% per annum, and the Tranche B-2 Term Loans will bear interest at a floating rate measured by reference to, at Hertz's option, either an adjusted London inter-bank offered rate not less than 0.75% plus a borrowing margin of 2.25% per annum or an alternate base rate plus a borrowing margin of 1.25% per annum.

The Hertz Corporation announced delayed 10-Q filing

On 11/10/2014, The Hertz Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
April 2, 2014
Simply Wheelz LLC, 10 United States Airport Concession Agreements
Spin-Off/Split-Off
March 18, 2014
Hertz Equipment Rental Corporation
 

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