Hertz 2007 Annual Report Download - page 141

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 3—Debt
Our debt consists of the following (in thousands of dollars):
December 31,
2007 2006
Corporate Debt
Senior Term Facility, average interest rate: 2007, 6.9%; 2006, 7.4%
(effective average interest rate: 2007, 7.0%; 2006, 7.5%); net of
unamortized discount: 2007, $23,350; 2006, $38,378 ............ $ 1,362,702 $ 1,947,907
Senior ABL Facility, average interest rate: 2007, 6.0%; 2006, N/A
(effective average interest rate: 2007, 6.6%; 2006, N/A); net of
unamortized discount: 2007, $19,086; 2006, $22,188 ............ 191,803 (22,188)
Senior Notes, average interest rate: 2007, 8.7%; 2006, 8.7% ........ 2,131,370 2,097,030
Senior Subordinated Notes, average interest rate: 2007, 10.5%; 2006,
10.5% ............................................. 600,000 600,000
Promissory Notes, average interest rate: 2007, 7.1%; 2006, 7.2%
(effective average interest rate: 2007, 7.2%; 2006, 7.3%); net of
unamortized discount: 2007, $5,102; 2006, $5,545 ............. 509,443 633,463
Notes payable, average interest rate: 2007, 5.5%; 2006, 4.1% ....... 1,942 6,175
Foreign subsidiaries’ debt denominated in foreign currencies:
Short-term bank borrowings, average interest rate: 2007, 13.2%;
2006, 13.4% ....................................... 1,082 2,340
Other borrowings, average interest rate: 2007, 6.0%; 2006, 5.1% . . . 4,516 12,546
Total Corporate Debt ................................ 4,802,858 5,277,273
Fleet Debt
U.S. Fleet Debt and pre-Acquisition ABS Notes, average interest rate:
2007, 4.5%; 2006, 4.4% (effective average interest rate: 2007, 4.5%;
2006, 4.5%); net of unamortized discount: 2007, $3,991; 2006,
$10,631 ............................................ 4,603,509 4,845,202
International Fleet Debt, average interest rate: 2007, 6.1%; 2006, 5.4%
(effective average interest rate: 2007, 6.1%; 2006, 5.4%); net of
unamortized discount: 2007, $279; 2006, $4,443 ............... 1,912,386 1,987,787
Fleet Financing Facility, average interest rate: 2007, 6.3%; 2006, 6.6%
(effective average interest rate: 2007, 6.3%; 2006, 6.7%); net of
unamortized discount: 2007, $1,641; 2006, $2,078 ............. 170,359 165,922
Brazilian Fleet Financing Facility, average interest rate: 2007, 13.2%;
2006, N/A ........................................... 62,907 —
Canadian Fleet Financing Facility, average interest rate: 2007, 5.8%;
2006, N/A ........................................... 155,391 —
Belgian Fleet Financing Facility, average interest rate: 2007, 6.2%;
2006, N/A ........................................... 30,044 —
U.K. Leveraged Financing, average interest rate: 2007, 4.0%;
2006, N/A ........................................... 222,672 —
Total Fleet Debt ................................... 7,157,268 6,998,911
Total Debt ......................................... $11,960,126 $12,276,184
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