Hertz Global Holdings (the “Company”) announced today that its wholly-owned subsidiary, The Hertz Corporation (“Hertz”), has successfully completed a repricing of its currently outstanding $1,372 billion senior secured tranche B term loan facility. As part of the repricing, the tranche B term loans will be replaced by new tranche B-2 term loans.
The expected interest savings are driven by a reduction in the applicable margin charged on Eurodollar borrowings under the new tranche B-2 term loans from 275 basis points to 225 basis points, and by a reduction in the interest rate floor applicable to Eurodollar borrowings under the new tranche B-2 term loans from 100 basis points to 75 basis points. To reprice the tranche B term loans, Hertz amended the terms of its March 2011 term loan credit agreement.
The terms and conditions of the new tranche B-2 term loans