Hertz 2012 Annual Report Download - page 149

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
ratio of not less than 1:1 for the four quarters most recently ended. As of December 31, 2012, we were not
subject to such contractually specified fixed charge coverage ratio.
Borrowing Capacity and Availability
As of December 31, 2012, the following facilities were available for the use of Hertz and its subsidiaries
(in millions of dollars):
Availability
Under
Borrowing
Remaining Base
Capacity Limitation
Corporate Debt
Senior ABL Facility ............................. $1,183.7 $1,146.0
Total Corporate Debt .......................... 1,183.7 1,146.0
Fleet Debt
HVF U.S. Fleet Variable Funding Notes ............... 88.8 —
RCFC U.S. Fleet Variable Funding Notes .............. 81.0 —
Donlen GN II Variable Funding Notes ................ 105.0 —
U.S. Fleet Financing Facility ....................... 24.0 —
European Revolving Credit Facility .................. 105.9 7.9
European Securitization .......................... 287.2 —
Hertz-Sponsored Canadian Securitization ............. 100.5 —
Dollar Thrifty-Sponsored Canadian Securitization ........ 95.5 —
Australian Securitization .......................... 110.5 —
Capitalized Leases ............................. 85.1 27.5
Total Fleet Debt .............................. 1,083.5 35.4
Total ........................................ $2,267.2 $1,181.4
Our borrowing capacity and availability primarily comes from our ‘‘revolving credit facilities,’’ which are a
combination of asset-backed securitization facilities and asset-based revolving credit facilities. Creditors
under each of our revolving credit facilities have a claim on a specific pool of assets as collateral. Our
ability to borrow under each revolving credit facility is a function of, among other things, the value of the
assets in the relevant collateral pool. We refer to the amount of debt we can borrow given a certain pool
of assets as the ‘‘borrowing base.’’
We refer to ‘‘Remaining Capacity’’ as the maximum principal amount of debt permitted to be outstanding
under the respective facility (i.e., the amount of debt we could borrow assuming we possessed sufficient
assets as collateral) less the principal amount of debt then-outstanding under such facility.
We refer to ‘‘Availability Under Borrowing Base Limitation’’ as the lower of Remaining Capacity or the
borrowing base less the principal amount of debt then-outstanding under such facility (i.e., the amount
of debt we could borrow given the collateral we possess at such time).
As of December 31, 2012, the Senior Term Facility had approximately $8.0 million available under the
letter of credit facility and the Senior ABL Facility had $1,010.4 million available under the letter of credit
facility sublimit, subject to borrowing base restrictions.
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