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.

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