Hertz 2013 Annual Report Download - page 108

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lender under the Canadian Securitization has been granted an indirect security interest primarily in the owned rental car fleet used in our car
rental operations in Canada and certain contractual rights related to such vehicles as well as certain other assets owned by entities connected
to the financing.
In November 2011, Hertz's indirect wholly owned subsidiary HC Limited Partnership extended the maturity of the Canadian Securitization to
January 2012 and reduced the facility size to CAD $200.0 million (equivalent to $186.8 million as of December 31, 2013). In connection with
the extension, HC Limited Partnership made a number of modifications to the financing arrangement including decreasing the pricing.
In January 2012, HC Limited Partnership amended the Canadian Securitization to extend the maturity date from January 2012 to March
2012. In March 2012, HC Limited Partnership amended the Canadian Securitization to extend the maturity date from March 2012 to May
2012. In the second quarter of 2012, the maturity date was extended to June 2013. In the second quarter of 2013, the maturity date was
extended to March 2014. In February 2014, the maturity date was extended to March 2015. See Note 19—Subsequent Events.
Dollar Thrifty-Sponsored Canadian Securitization
In March 2012 certain foreign subsidiaries of Dollar Thrifty entered into a trust indenture that permits the issuance of term and revolving
rental car asset-backed securities, the collateral for which consists primarily of the rental car fleet used in Dollar Thrifty’s Canadian car rental
operations and contractual rights related to such vehicles. These subsidiaries became indirect wholly-owned subsidiaries of Hertz when Hertz
acquired Dollar Thrifty.
In March 2012 these subsidiaries issued asset-backed variable funding notes that provide for aggregate maximum borrowings of CAD $150.0
million (the equivalent of $140.1 million as of December 31, 2013) (subject to borrowing base availability) on a revolving basis, or the “Dollar
Thrifty-Sponsored Canadian Securitization.” The maturity date of the Dollar Thrifty-Sponsored Canadian Securitization is August 2014. In
February 2014, the maturity date was extended to March 2015. See Note 19—Subsequent Events.
Australian Securitization
In November 2010, certain foreign subsidiaries entered into a facility agreement that provides for aggregate maximum borrowings of A $250.0
million (the equivalent of $221.8 million as of December 31, 2013) (subject to borrowing base availability) on a revolving basis under an
asset-backed securitization facility, or the “Australian Securitization.” The Australian Securitization is the primary fleet financing for Hertz's car
rental operations in Australia. The lender under the Australian Securitization has been granted a security interest primarily in the owned
rental car fleet used in our car rental operations in Australia and certain contractual rights related to such vehicles.
In October 2012, Hertz's indirect, wholly-owned subsidiary HA Fleet Pty Limited amended the Australian Securitization to extend the
expected maturity date thereunder to December 2014.
See Note 15—Financial Instruments and Fair Value Measurements.
Brazilian Fleet Financing Facility
Our Brazilian operating subsidiary is party to certain local financing arrangements, which are collateralized by certain of its assets, which we
refer to as the "Brazilian Fleet Financing Facility."
In June 2012, Hertz caused its Brazilian operating subsidiary to amend the Brazilian Fleet Financing Facility to extend the maturity date from
June 2012 to February 2013. In February 2013, Hertz caused its Brazilian operating subsidiary to amend the Brazilian Fleet Financing
Facility to extend the maturity date from February 2013 to October 2013.
In October 2013, Hertz caused its Brazilian subsidiary to enter into a new Brazilian Fleet Financing Facility with a maturity date of October
2014. Proceeds from the new facility were used to repay the facility set to mature on October 2013.
Capitalized Leases
References to the “Capitalized Leases” include the capitalized lease financings outstanding in the United Kingdom, or the “U.K. Leveraged
Financing,” Australia, The Netherlands and the United States. The amount committed under the U.K. Leveraged Financing, which is the
largest portion of the Capitalized Leases, as of December 31, 2013 was £ 195 million (the equivalent of $321.4 million as of December 31,
2013).
In May 2013, the U.K. Leveraged Financing was amended to create a commitment period running from May 30, 2013 through October 30,
2013 that provided for additional amounts available under the U.K. Leveraged Financing of £ 25
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Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠
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