Hertz Global Holdings, Inc. announced today that its subsidiary Hertz Vehicle Financing LLC, a special purpose limited liability company of which The Hertz Corporation (a wholly-owned subsidiary of the Company) is the sole member, priced $184.3 million in aggregate principal amount of 3 year and 5 year Series 2009-2 Rental Car Asset Backed Notes, Class B, rated “Baa2” by Moody’s. The 3 year notes carry a 4.94% coupon (5.00% yield) and the 5 year notes carry a 5.93% coupon (6.01% yield) with expected final maturities in 2013 and 2015, respectively. The notes are to be sold only to qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to investors outside the United States pursuant to Regulation S under the Securities Act. The net proceeds of the offering will be used to purchase vehicles under the Company’s ABS program, used to pay other ABS indebtedness or, to the extent permitted, distributed to The Hertz Corporation and used for general purposes. The offering is expected to close on June 18, 2010 subject to customary closing conditions.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The notes have not been and will not be registered under the Securities Act of 1933 or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements often include words such as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts” or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the outcome of the offering (including whether such can be completed or completed on terms acceptable to the Company) could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative. Among other items, such factors could include the effect of the debt markets on the offering and the Company’s ability to satisfy the closing conditions to the offering. In light of these risks, uncertainties and assumptions, the Company cautions you against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.