Hertz 2014 Annual Report Download - page 81

Table of Contents

 
See Note 20, "Subsequent Events" for additional information related to our liquidity and financing.

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
We believe 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 us to meet our debt maturities over the next twelve months.

Our borrowing capacity and availability 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, 2014, the following facilities were available to us:









Senior ABL Facility $ 1,142

$ 1,019
Total Corporate Debt 1,142

1,019




HVF II U.S. Fleet Variable Funding Notes 481

—
HFLF Variable Funding Notes 153

—
U.S. Fleet Financing Facility 26

19
European Securitization 214

2
Hertz-Sponsored Canadian Securitization 58

—
Dollar Thrifty-Sponsored Canadian Securitization 89

—
Australian Securitization 92

—
Capitalized Leases 42

3
Total Fleet Debt 1,155

24
Total $ 2,297

$ 1,043
As of December 31, 2014, the Senior ABL Facility had $1,030 million available under the letter of credit facility sublimit, subject to borrowing base
restrictions.
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69
Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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