Hertz 2014 Annual Report Download - page 133

Table of Contents


 
 


4.25% Senior Notes due April 2018 $ 250

$ 250
7.50% Senior Notes due October 2018 700

700
6.75% Senior Notes due April 2019 1,250

1,250
5.875% Senior Notes due October 2020 700

700
7.375% Senior Notes due January 2021 500

500
6.25% Senior Notes due October 2022 500

500
$ 3,900

$ 3,900
(3) Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which
Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid, which in the case of the HFLF Medium Term Notes was based upon
various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and
payable.
(4) RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt assumed in connection with the Dollar Thrifty acquisition on
November 19, 2012.

The nominal amounts of maturities of debt for each of the twelve-month periods ending December 31 are as follows:













Corporate Debt

$ 32

$ 62

$ 346

$ 2,981

$ 1,258

$ 1,749
Fleet Debt

1,907

5,535

880

731

516

—
Total

$ 1,939

$ 5,597

$ 1,226

$ 3,712

$ 1,774

$ 1,749
The Company is highly leveraged and a substantial portion of its liquidity needs arise from debt service on its indebtedness and from the funding
of its costs of operations, acquisitions and capital expenditures. The Company believes that cash generated from operations and cash received on
the disposal of vehicles and equipment, together with amounts available under various committed liquidity facilities will be adequate to permit the
Company to meet its debt maturities over the next twelve months.

Senior Credit Facilities
 In March 2011, Hertz entered into a credit agreement that initially provided for a $1,400 million term loan, or as amended, the
‘‘Senior Term Facility.’’ In addition, the Senior Term Facility includes a separate incremental pre-funded synthetic letter of credit facility in an
aggregate principal amount of $200 million. Subject to the satisfaction of certain conditions and limitations, the Senior Term Facility allows for the
incurrence of incremental term and/or revolving loans.
In October 2012, Hertz entered into an Incremental Commitment Amendment to the Senior Term Facility which provided for commitments for term
loans of up to $750 million, or the "Incremental Term Loans," under the Senior Term Facility. Contemporaneously with the consummation of the
Dollar Thrifty acquisition, the Incremental Term Loans were fully drawn and the proceeds therefrom were used in connection with funding the Dollar
Thrifty acquisition. The Incremental Term Loans are secured by the same collateral and guaranteed by the same guarantors as the term loans
under the Senior Term Facility and all such loans mature in March 2018.
In April 2013, Hertz entered into an Amendment No. 2, or "Amendment No. 2," to the Senior Term Facility, primarily to reduce the interest rate
applicable to a portion of the outstanding term loans under the Senior Term Facility. Pursuant to Amendment No. 2, certain of the existing lenders
under the Senior Term Facility converted their existing Tranche B
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Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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