Hertz Strengthens Financial Foundation Through Completion of Amended Credit Facilities
Hertz (NASDAQ: HTZ) has successfully extended several key credit facilities, strengthening its financial foundation. The company amended its First Lien Credit Agreement, extending $1.665 billion of commitments under the $2.0 billion revolving credit facility from June 2026 to March 2028. Additionally, Hertz extended its HVF III U.S. Vehicle Variable Funding Notes to May 2027, with available principal amounts of $3.640 billion until April 2026, reducing to $2.860 billion thereafter. The company also amended its European ABS platform, extending €1.160 billion of Class A notes to April 2027.
These extensions support Hertz's strategic plan focused on disciplined fleet management, revenue optimization, and cost control, ensuring sufficient capital for strategic needs and vehicle fleet management.
Hertz (NASDAQ: HTZ) ha con successo esteso diverse linee di credito chiave, rafforzando la sua base finanziaria. La società ha modificato il suo Accordo di Credito First Lien, estendendo 1,665 miliardi di dollari di impegni nell'ambito della linea di credito revolving da 2,0 miliardi di dollari da giugno 2026 a marzo 2028. Inoltre, Hertz ha prorogato le sue HVF III U.S. Vehicle Variable Funding Notes fino a maggio 2027, con importi principali disponibili di 3,640 miliardi di dollari fino ad aprile 2026, che si riducono a 2,860 miliardi di dollari successivamente. La società ha anche modificato la sua piattaforma ABS europea, estendendo 1,160 miliardi di euro di note di Classe A fino ad aprile 2027.
Queste estensioni supportano il piano strategico di Hertz, incentrato su una gestione disciplinata della flotta, l'ottimizzazione dei ricavi e il controllo dei costi, garantendo capitale sufficiente per le necessità strategiche e la gestione della flotta veicoli.
Hertz (NASDAQ: HTZ) ha logrado extender con éxito varias facilidades de crédito clave, fortaleciendo su base financiera. La compañía modificó su Acuerdo de Crédito First Lien, extendiendo 1.665 millones de dólares en compromisos bajo la línea de crédito revolvente de 2.0 mil millones de dólares desde junio de 2026 hasta marzo de 2028. Además, Hertz extendió sus Notas de Financiamiento Variable para Vehículos HVF III de EE. UU. hasta mayo de 2027, con montos principales disponibles de 3.640 millones de dólares hasta abril de 2026, reduciéndose a 2.860 millones de dólares posteriormente. La compañía también modificó su plataforma ABS europea, extendiendo 1.160 millones de euros en notas Clase A hasta abril de 2027.
Estas extensiones respaldan el plan estratégico de Hertz, enfocado en una gestión disciplinada de la flota, optimización de ingresos y control de costos, asegurando capital suficiente para las necesidades estratégicas y la gestión de la flota de vehículos.
허츠 (NASDAQ: HTZ)는 여러 주요 신용 시설을 성공적으로 연장하여 재무 기반을 강화했습니다. 회사는 First Lien 신용 계약을 수정하여 20억 달러 규모의 회전 신용 한도 중 16억 6,500만 달러의 약정을 2026년 6월에서 2028년 3월로 연장했습니다. 또한 허츠는 HVF III 미국 차량 변동 자금 조달 채권을 2027년 5월까지 연장했으며, 2026년 4월까지는 36억 4,000만 달러의 원금이 사용 가능하며 이후에는 28억 6,000만 달러로 감소합니다. 회사는 또한 유럽 ABS 플랫폼을 수정하여 11억 6,000만 유로 규모의 클래스 A 채권을 2027년 4월까지 연장했습니다.
이러한 연장은 허츠의 전략적 계획을 지원하며, 이는 엄격한 차량 관리, 수익 최적화 및 비용 통제에 중점을 두어 전략적 필요와 차량 관리에 충분한 자본을 확보하는 데 기여합니다.
Hertz (NASDAQ : HTZ) a réussi à prolonger plusieurs facilités de crédit clés, renforçant ainsi sa base financière. La société a modifié son accord de crédit First Lien, prolongeant 1,665 milliard de dollars d'engagements dans le cadre de la facilité de crédit renouvelable de 2,0 milliards de dollars, de juin 2026 à mars 2028. De plus, Hertz a étendu ses notes de financement variable HVF III pour véhicules américains jusqu'en mai 2027, avec des montants principaux disponibles de 3,640 milliards de dollars jusqu'en avril 2026, puis réduits à 2,860 milliards de dollars par la suite. La société a également modifié sa plateforme ABS européenne, prolongeant 1,160 milliard d'euros de notes de classe A jusqu'en avril 2027.
Ces prolongations soutiennent le plan stratégique de Hertz, axé sur une gestion rigoureuse de la flotte, l'optimisation des revenus et le contrôle des coûts, garantissant un capital suffisant pour les besoins stratégiques et la gestion de la flotte de véhicules.
Hertz (NASDAQ: HTZ) hat mehrere wichtige Kreditfazilitäten erfolgreich verlängert und damit seine finanzielle Grundlage gestärkt. Das Unternehmen hat seine First Lien Kreditvereinbarung geändert und 1,665 Milliarden US-Dollar der Verpflichtungen aus der 2,0 Milliarden US-Dollar revolvierenden Kreditfazilität von Juni 2026 bis März 2028 verlängert. Zusätzlich hat Hertz seine HVF III US Vehicle Variable Funding Notes bis Mai 2027 verlängert, mit verfügbaren Kapitalbeträgen von 3,640 Milliarden US-Dollar bis April 2026, die danach auf 2,860 Milliarden US-Dollar reduziert werden. Das Unternehmen hat auch seine europäische ABS-Plattform geändert und 1,160 Milliarden Euro der Class A Notes bis April 2027 verlängert.
Diese Verlängerungen unterstützen Hertz’ strategischen Plan, der sich auf diszipliniertes Flottenmanagement, Umsatzoptimierung und Kostenkontrolle konzentriert und ausreichend Kapital für strategische Bedürfnisse und das Flottenmanagement sicherstellt.
- Extended $1.665B revolving credit facility commitments by almost 2 years to March 2028
- Secured extension of HVF III U.S. Vehicle Variable Funding Notes worth $2.86B until May 2027
- Extended European ABS facility of €1.16B to April 2027
- Enhanced financial flexibility and strategic capital access for fleet management
- Reduction in revolving credit facility from $2.0B to $1.665B after June 2026
- Decrease in HVF III maximum principal amount from $3.64B to $2.86B after April 2026
Insights
Hertz has secured long-term liquidity with $4.5B+ credit facility extensions, strengthening its financial foundation during its operational transformation.
Hertz has completed a significant financial restructuring by extending the maturity dates of three major credit facilities, totaling approximately
Breaking down the specifics:
- First Lien Revolving Credit Facility: Extended
$1.665 billion of commitments from June 2026 to March 2028 (maintaining full$2 billion capacity until June 2026) - HVF III U.S. Vehicle Variable Funding Notes: Extended by one year to May 2027, with
$3.64 billion available until April 2026, then$2.86 billion until May 2027 - European ABS platform: Extended
€1.16 billion of Class A notes to April 2027 (with€1.289 billion total commitments until March 2026)
This restructuring is especially important as it provides Hertz with secure funding for its core asset - its vehicle fleet. The extensions reflect lender confidence in Hertz's transformation strategy centered on disciplined fleet management, revenue optimization, and rigorous cost control. By securing these facilities, Hertz gains breathing room to focus on operational improvements without near-term refinancing pressure.
The staged reduction in credit facility sizes (
Extends
"Each of these extensions mark another step forward in our transformation as they afford us additional financial strength and flexibility to execute our plan," said Gil West, Hertz CEO. "They are a testament to the progress we're making and reflect the confidence our lenders have in our ability to transform the company and achieve our long- term goals."
In summary, Hertz:
- Amended its First Lien Credit Agreement governing the revolving credit facility to provide for the extension of the maturity date of approximately
$1.66 5 billion$2.0 billion $2.0 billion $1.66 5 billion - Amended its HVF III
U.S. Vehicle Variable Funding Notes to extend the commitment termination date for such notes by one year to May 7, 2027. The Class A maximum principal amount available will be$3.64 0 billion$2.86 0 billion - Amended its European ABS securitization platform for financing activities relating to affiliates' vehicle fleets in
Europe to extend the maturity date of€1.16 0 billion of Class A notes in the facility to April 30, 2027. The aggregate amount of Class A note commitments under the European ABS facility remaining until March 31, 2026, is€1.28 9 billion.
For additional details, please refer to the Company's Form 8-K filing with the
ABOUT HERTZ
Hertz Global Holdings Inc. is one of the world's leading car rental and mobility solutions providers. Its subsidiaries and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands with more than 11,000 rental locations in 160 countries around the globe, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in
This press release contains "forward-looking statements" within the meaning of the federal securities laws. Words such as "expect," "will" and "intend" and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, and our sources of liquidity. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including market conditions and those in our risk factors that we identify in our most recent annual report on Form 10-K for the year ended December 31, 2024, as filed with the
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SOURCE Hertz Global Holdings, Inc.
FAQ
What credit facilities did Hertz (HTZ) extend in May 2025?
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What happens to Hertz's HVF III funding after April 2026?
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How much was extended in Hertz's European ABS facility?
