Hertz 2008 Annual Report Download - page 169
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
denominated portion is A$325 million (the equivalent of $223.7 million as of December 31, 2008). As of
December 31, 2008, the foreign currency equivalent of $591.1 million in borrowings were outstanding
under this facility.
Pre-Acquisition Debt
As of December 31, 2008, we had approximately $461.4 million (net of a $4.0 million discount),
outstanding in pre-Acquisition promissory notes issued under three separate indentures at an average
interest rate of 7.2%. These pre-Acquisition promissory notes currently have maturities ranging from
2009 to 2028.
We also had outstanding as of December 31, 2008 approximately $141.0 million in borrowings, net of a
$0.6 million discount, consisting of pre-Acquisition ABS Notes with an average interest rate of 3.3%.
These pre-Acquisition ABS Notes will mature in 2009. See ‘‘U.S. Fleet Debt’’ for a discussion of the
collateralization of the pre-Acquisition ABS Notes.
Credit Facilities
As of December 31, 2008, the following credit facilities were available for the use of Hertz and its
subsidiaries:
Availability
Under
Borrowing
Remaining Base
Capacity Limitation
Corporate Debt
Senior Term Facility ............................. $ — $ —
Senior ABL Facility ............................. 1,669.8 1,321.4
Total Corporate Debt .......................... 1,669.8 1,321.4
Fleet Debt
U.S. Fleet Debt and Series 2008-1 Notes ............. 1,609.8 79.9
International Fleet Debt .......................... 531.4 113.3
International ABS Fleet Financing Facility ............. 326.8 11.5
Fleet Financing Facility .......................... 125.7 —
Brazilian Fleet Financing Facility .................... 2.4 —
Canadian Fleet Financing Facility ................... 211.6 —
Belgian Fleet Financing Facility ..................... — —
U.K. Leveraged Financing ........................ 88.1 —
Total Fleet Debt .............................. 2,895.8 204.7
Total ........................................ $4,565.6 $1,526.1
As of December 31, 2008, the Senior Term Facility had approximately $23.8 million available under the
letter of credit facility and the Senior ABL Facility had $84.8 million available under the letter of credit
facility sublimit.
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