Hertz 2012 Annual Report Download - page 145

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
RCFC U.S. Fleet Medium Term Notes
References to the ‘‘RCFC U.S. Fleet Medium Term Notes’’ include RCFC’s Series 2011-1 Notes and
RCFC’s Series 2011-2 Notes, collectively.
Series 2011-1 Notes: In July 2011, RCFC issued the Series 2011-1 Rental Car Asset Backed Notes, or
the ‘‘RCFC Series 2011-1 Notes,’’ in an aggregate original principal amount of $500.0 million.
Series 2011-2 Notes: In October 2011, RCFC issued the Series 2011-2 Rental Car Asset Backed Notes,
or the ‘‘RCFC Series 2011-2 Notes,’’ in an aggregate original principal amount of $400.0 million.
Donlen ABS Program
Donlen GN II Variable Funding Notes
On September 1, 2011, in connection with our acquisition of Donlen, Donlen’s GN II Variable Funding
Notes, or the ‘‘GN II VFN,’’ remained outstanding and lender commitments thereunder were increased to
permit aggregate maximum borrowings of $850.0 million (subject to borrowing base availability).
In February 2012, Hertz’s indirect, wholly-owned subsidiary GN Funding II L.L.C., or ‘‘GN II,’’ amended
the GN II VFN to permit aggregate maximum borrowings of $900.0 million (subject to borrowing base
availability).
In July 2012, GN II amended the GN II VFN to extend the expected maturity to December 2012 and to
permit aggregate maximum borrowings of $1,000.0 million (subject to borrowing base availability).
In October 2012, GN II amended the GN II VFN to extend the expected final maturity to December 2013.
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 car rental 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.
121