Hertz 2008 Annual Report Download - page 157

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,
2008 2007
Corporate Debt
Senior Term Facility, average interest rate: 2008, 3.3%; 2007, 6.9%
(effective average interest rate: 2008, 3.4%; 2007, 7.0%); net of
unamortized discount: 2008, $18,641; 2007, $23,350 ............ $ 1,353,603 $ 1,362,702
Senior ABL Facility, average interest rate: 2008, 0.0%; 2007, 6.0%
(effective average interest rate: 2008, 0.0%; 2007, 6.6%); net of
unamortized discount: 2008, $13,339; 2007, $19,086 ............ (13,339) 191,803
Senior Notes, average interest rate: 2008, 8.7%; 2007, 8.7% ........ 2,113,589 2,131,370
Senior Subordinated Notes, average interest rate: 2008, 10.5%; 2007,
10.5% ............................................. 600,000 600,000
Promissory Notes, average interest rate: 2008, 7.2%; 2007, 7.1%
(effective average interest rate: 2008, 7.3%; 2007, 7.2%); net of
unamortized discount: 2008, $3,957; 2007, $5,102 ............. 461,381 509,443
Notes payable, average interest rate: 2008, 5.5%; 2007, 5.5% ....... 9,754 1,942
International subsidiaries’ debt denominated in foreign currencies:
Short-term bank borrowings, average interest rate: 2008, 4.5%;
2007, 13.2% ....................................... 54,927 1,082
Other borrowings, average interest rate: 2008, 5.1%; 2007, 6.0% . . . 5,621 4,516
Total Corporate Debt ................................ 4,585,536 4,802,858
Fleet Debt
U.S. Fleet Debt and pre-Acquisition ABS Notes, average interest rate:
2008, 4.3%; 2007, 4.5% (effective average interest rate: 2008, 4.3%;
2007, 4.5%); net of unamortized discount: 2008, $7,536; 2007,
$3,991 ............................................. 4,254,504 4,603,509
International Fleet Debt, average interest rate: 2008, 5.0%; 2007, 6.1%
(effective average interest rate: 2008, 5.1%; 2007, 6.1%); net of
unamortized discount: 2008, $6,544; 2007, $279 ............... 1,027,090 1,912,386
Fleet Financing Facility, average interest rate: 2008, 2.0%; 2007, 6.3%
(effective average interest rate: 2008, 2.1%; 2007, 6.3%); net of
unamortized discount: 2008, $1,203; 2007, $1,641 ............. 149,297 170,359
Brazilian Fleet Financing Facility, average interest rate: 2008, 16.3%;
2007, 13.2% ......................................... 54,111 62,907
Canadian Fleet Financing Facility, average interest rate: 2008, 3.8%;
2007, 5.8% .......................................... 111,638 155,391
Belgian Fleet Financing Facility, average interest rate: 2008, 4.7%;
2007, 6.2% .......................................... 31,220 30,044
U.K. Leveraged Financing, average interest rate: 2008, 6.4%; 2007,
4.0% .............................................. 167,758 222,672
International ABS Fleet Financing Facility, average interest rate: 2008,
7.1%; 2007, N/A; (effective average interest rate: 2008, 7.3%; 2007,
N/A); net of unamortized discount: 2008, $10,348; 2007, N/A ...... 591,143 —
Total Fleet Debt ................................... 6,386,761 7,157,268
Total Debt ......................................... $10,972,297 $11,960,126
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