Hertz 2011 Annual Report Download - page 135

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Series 2010-1: In July 2010, HVF issued the Series 2010-1 Rental Car Asset Backed Notes, or the
‘‘Series 2010-1,’’ in an aggregate original principal amount of $749.8 million.
Series 2011-1: In June 2011, HVF issued the Series 2011-1 Rental Car Asset Backed Notes, or the
‘‘Series 2011-1,’’ in an aggregate original principal amount of $598 million.
Donlen ABS Program
Donlen GN II Variable Funding Notes
On September 1, 2011, in connection with our acquisition of Donlen Corporation, Donlen’s GN II
Variable Funding Notes remained outstanding and lender commitments thereunder were increased to
permit aggregate maximum borrowings of $850.0 million (subject to borrowing base availability).
Fleet Debt—Other
U.S. Fleet Financing Facility
In September 2006, Hertz and Puerto Ricancars, Inc., a Puerto Rican corporation and wholly-owned
indirect subsidiary of Hertz, or ‘‘PR Cars,’’ entered into a credit agreement that provides for aggregate
maximum borrowings of $165.0 million (subject to borrowing base availability) on a revolving basis
under an asset-based revolving credit facility, or the ‘‘U.S. Fleet Financing Facility.’’ The U.S. Fleet
Financing Facility is the primary fleet financing for our rental car operations in Hawaii, Kansas, Puerto
Rico and the U.S. Virgin Islands.
The obligations of each of Hertz and PR Cars under the U.S. Fleet Financing Facility are guaranteed by
certain of Hertz’s direct and indirect domestic subsidiaries. In addition, the obligations of PR Cars under
the U.S. Fleet Financing Facility are guaranteed by Hertz. The lenders under the U.S. Fleet Financing
Facility have been granted a security interest primarily in the owned rental car fleet used in our car rental
operations in Hawaii, Puerto Rico and the U.S. Virgin Islands and certain contractual rights related to
rental vehicles in Kansas, Hawaii, Puerto Rico and the U.S. Virgin Islands.
In September 2011, we extended the maturity of our U.S. Fleet Financing Facility to September 2015 and
increased the facility size to $190.0 million. In connection with the extension, we made a number of
modifications to the financing arrangement including decreasing the advance rate and increasing
pricing.
European Revolving Credit Facility and European Fleet Notes
In June 2010, Hertz Holdings Netherlands B.V., an indirect wholly-owned subsidiary of Hertz organized
under the laws of The Netherlands, or ‘‘HHN BV,’’ entered into a credit agreement that provides for
aggregate maximum borrowings of e220.0 million (the equivalent of $284.7 million as of December 31,
2011) (subject to borrowing base availability) on a revolving basis under an asset-based revolving credit
facility, or the ‘‘European Revolving Credit Facility,’’ and issued the 8.50% Senior Secured Notes due
July 2015, or the ‘‘European Fleet Notes,’’ in an aggregate original principal amount of e400 million (the
equivalent of $517.6 million as of December 31, 2011). References to the ‘‘European Fleet Debt’’ include
HHN BV’s European Revolving Credit Facility and the European Fleet Notes, collectively.
The European Fleet Debt is the primary fleet financing for our rental car operations in Germany, Italy,
Spain, Belgium, Luxembourg and Switzerland, and can be expanded to provide fleet financing in
Australia, Canada, France, The Netherlands, New Zealand, and the United Kingdom.
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