Hertz issues $1B in asset-backed notes via HVF III; redeems $300M of 2026 senior notes

HERTZ GLOBAL HOLDINGS, INC

HVF III issued $450M Series 2025-5 (4.62%-7.74%) and $550M Series 2025-6 (4.89%-8.30%) fixed-rate asset-backed notes due 2030/2032.
Net proceeds partly repay Series 2021-A variable funding notes; remainder funds future vehicle acquisition or refinancing.
THC gives notice to redeem $300M of 4.625% senior notes due 2026 on December 15, 2025 at 100% plus accrued interest.
Amortization events (e.g., covenant default, insufficient assets) could force early principal payments or vehicle sales.
Notes are secured by U.S. rental car fleet; subordination structure among Class A, B, C, D notes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HERTZ GLOBAL HOLDINGS, INC entered into Series 2025-5 Supplement with HVF III, as issuer; THC, as administrator; BNYM, as trustee valued at $450,000,000 (effective 2025-12-05).

Action: entry
Agreement: notes offering
Counterparty: HVF III, as issuer; THC, as administrator; BNYM, as trustee
Value: $450,000,000
Effective: 2025-12-05

Exact text from the filing

On December 5, 2025, Hertz Vehicle Financing III LLC (“ HVF III ”), a wholly-owned, special-purpose and bankruptcy remote subsidiary of The Hertz Corporation (“ THC ”), issued two series of notes to unaffiliated third parties: (1) the Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D, in an aggregate principal amount equal to $450,000,000, pursuant to the Series 2025-5 Supplement (the “ Series 2025-5 Supplement ”), dated as of December 5, 2025, among HVF III, as issuer, THC, as administrator, and The Bank of New York Mellon Trust Company, N.A. (“ BNYM ”), as trustee, to the Base Indenture (the “ Base Indenture ”), dated as of June 29, 2021

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HERTZ GLOBAL HOLDINGS, INC entered into Series 2025-6 Supplement with HVF III, as issuer; THC, as administrator; BNYM, as trustee valued at $550,000,000 (effective 2025-12-05).

Action: entry
Agreement: notes offering
Counterparty: HVF III, as issuer; THC, as administrator; BNYM, as trustee
Value: $550,000,000
Effective: 2025-12-05

Exact text from the filing

and (2) the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D, in an aggregate principal amount equal to $550,000,000, pursuant to the Series 2025-6 Supplement (the “ Series 2025-6 Supplement ”), dated as of December 5, 2025, among HVF III, as issuer, THC, as administrator, and BNYM, as trustee, to the Base Indenture.

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Source: SEC EDGAR

accession 0000950103-25-015808

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