Hertz 2014 Annual Report Download - page 53

Table of Contents
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 
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
In October 2014, we entered into an amendment to certain terms of the Senior ABL Facility. The amendment, among other things
(i) extends the commitment period of $1,668 million of aggregate borrowing capacity under the Senior ABL Facility from March
2016 to March 2017, with the remaining $198 million of aggregate borrowing capacity under the Senior ABL Facility, expiring, as
previously scheduled, in March 2016 and (ii) provides for an increase in aggregate borrowing capacity under the Senior ABL
Facility of $235 million, such that (a) prior to March 2016, aggregate borrowing capacity will be $2,100 million and (b) after March
2016, aggregate borrowing capacity will be $1,903 million.
•

• In October 2014, Hertz Vehicle Financing II LP (“HVF II”), entered into various amendment agreements pursuant to which
certain terms of HVF II’s Series 2013-A Variable Funding Rental Car Asset Backed Notes (the “HVF II Series 2013-A Notes”)
and HVF II’s Series 2013-B Variable Funding Rental Car Asset Backed Notes (the “HVF II Series 2013-B Notes”) were
amended. The amendments, among other things, amend the maturity of each facility from November 2015 to October 2016.
• In October 2014, HVF II also amended the terms of its Series 2014-A Variable Funding Rental Car Asset Backed Notes (the
“HVF II Series 2014-A Notes”), originally issued in July 2014, to provide for, among other things, (i) an extension of the
maturity of the HVF II Series 2014-A Notes from December 2014 to October 2016 and (ii) an increase in aggregate borrowing
capacity under the HVF II Series 2014-A Notes from $1,000 million to $3,250 million. Additionally, the HVF II Series 2014-A
Notes contain provisions requiring the commitments to be terminated based on the volume of specified debt issued by Hertz
or certain of its subsidiaries. These mandatory commitment termination provisions do not apply until at least $1,500 million of
such specified debt has been issued.

In October 2014, Hertz Holdings Netherlands B.V., entered into an amendment agreement pursuant to which certain terms of the
European Revolving Credit Facility were amended. The amendment provides for, among other things, (i) an extension of the
maturity of the European Revolving Credit Facility from June 2015 to October 2017 and (ii) an increase in aggregate maximum
borrowings available under the European Revolving Credit Facility from €220 million to €250 million.

In October 2014, certain of Hertz’s foreign subsidiaries entered into an amendment agreement pursuant to which certain terms of
the European Securitization were amended. The amendment provides for, among other things, an extension of the maturity of the
European Securitization from July 2015 to October 2016.
• Incurred approximately $39 million in costs associated with the anticipated separation of the equipment rental business;
• Incurred approximately $30 million in consulting, audit and legal costs associated with the restatement and investigation activities;
• Incurred approximately $11 million in fees paid directly to our lenders, noteholders and agents (including increased interest spread on the
Senior Term Facility) to obtain waivers under various financing facilities relating to, among other things, the failure to file certain quarterly
and annual reports and matters relating to the restatement; and
Incurred approximately $9 million in costs associated with the Dollar Thrifty integration.
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Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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