8-K
filed April 22, 2024, 7:59 PM ET
ticker HTZ
CIK 0001657853
debt
confidence high
sentiment negative
materiality 0.75
HERTZ GLOBAL HOLDINGS, INC (HTZ): debt financing — Hertz amends credit facility to relax leverage covenant, adds liquidity requirement until Q2 2025
HERTZ GLOBAL HOLDINGS, INC
- Amendment No. 8 increases the Consolidated First Lien Leverage Ratio covenant for fiscal quarters ending June 2024 through March 2025.
- Requires minimum Specified Relief Period Liquidity each calendar month within the covered quarters; restricts dividends and investments.
- Hertz entered precautionary amendment due to macro volatility risk and potential profitability execution challenges.
- Extends Series 2021-A vehicle ABS commitment termination date by one year to April 10, 2026.
- European ABS facility increased from €1.20B to €1.468B until Nov 30, 2024; core facility raised to €1.289B thereafter.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
HERTZ GLOBAL HOLDINGS, INC amended debt of €1.20 billion to €1.468 billion.
- Principal
- €1.20 billion to €1.468 billion
- Event
- amendment
Exact text from the filing
increase the aggregate maximum borrowings thereunder from €1.20 billion to €1.468 billion until November 31, 2024, and (ii) increase the core facility to €1.289 billon from December 1, 2024 through the maturity of the European ABS facility
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
HERTZ GLOBAL HOLDINGS, INC amended debt with Deutsche Bank AG, New York Branch maturing April 10, 2026.
- Counterparty
- Deutsche Bank AG, New York Branch
- Maturity
- April 10, 2026
- Event
- amendment
Exact text from the filing
extend, in the ordinary course, the commitment termination date for the Series 2021-A Variable Funding Rental Car Asset Backed Notes, Class A, issued thereunder by one year to April 10, 2026
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
HERTZ GLOBAL HOLDINGS, INC amended credit facility with Barclays Bank PLC.
- Instrument
- credit facility
- Counterparty
- Barclays Bank PLC
- Event
- amendment
Exact text from the filing
arty thereto and Barclays Bank PLC, as administrative agent (the “Administrative Agent”) and the Revolving Lenders party
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.7
HERTZ GLOBAL HOLDINGS, INC amended Amendments with affiliates of THC valued at €1.20 billion (effective 2024-04-16).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- affiliates of THC
- Value
- €1.20 billion
- Effective
- 2024-04-16
Exact text from the filing
On April 16, 2024, affiliates of THC entered into amendments to the securitization platform for financing activities relating to such affiliates' vehicle fleets in France, the Netherlands, Germany, Spain, and Italy (the “European ABS”) to (i) in the ordinary course, increase the aggregate maximum borrowings thereunder from €1.20 billion to €1.468 billion until November 31, 2024, and (ii) increase the core facility to €1.289 billon from December 1, 2024 through the maturity of the European ABS facility (the “Amendments”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
HERTZ GLOBAL HOLDINGS, INC amended Amendment No. 8 to Credit Agreement with Barclays Bank PLC (effective 2024-04-16).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Barclays Bank PLC
- Effective
- 2024-04-16
Exact text from the filing
On April 16, 2024, The Hertz Corporation (“THC”) entered into Amendment No. 8 to Credit Agreement (“Amendment No. 8”), by and among THC, the Subsidiary Borrowers (as defined below) party thereto, Rental Car Intermediate Holdings, LLC, the other guarantors party thereto and Barclays Bank PLC, as administrative agent (the “Administrative Agent”) and the Revolving Lenders party thereto, which amends that certain Credit Agreement, dated as of June 30, 2021, by and among THC, the subsidiary borrowers party thereto from time to time (the “Subsidiary Borrowers”), the several lenders and issuing lenders from time to time party thereto, the Administrative Agent, and Barclays Bank PLC, as collateral agent
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
HERTZ GLOBAL HOLDINGS, INC amended Amendment No. 1 to Second Amended and Restated Series 2021-A Supplement with Deutsche Bank AG, New York Branch, The Bank of New York Mellon Trust Company, N.A. (effective 2024-04-16).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Deutsche Bank AG, New York Branch, The Bank of New York Mellon Trust Company, N.A.
- Effective
- 2024-04-16
Exact text from the filing
On April 16, 2024, Hertz Vehicle Financing III LLC (“HVF III”), a wholly-owned, special-purpose and bankruptcy remote subsidiary of THC, and THC entered into Amendment No. 1 to Second Amended and Restated Series 2021-A Supplement (“Amendment No. 1 to Second A&R Series 2021-A Supplement”) by and among HVF III, as issuer, THC, as administrator, Deutsche Bank AG, New York Branch, as program agent and The Bank of New York Mellon Trust Company, N.A., as trustee.
View on SEC.gov
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