Hertz Global Holdings Enters Material Definitive Agreement

TL;DR

Hertz just signed a big deal, new money/obligations incoming.

AI Summary

On July 26, 2024, Hertz Global Holdings, Inc. entered into a material definitive agreement related to a financial obligation. The filing also notes the creation of a direct financial obligation or an off-balance sheet arrangement for the registrant, along with other events and financial statements.

Why It Matters

This filing indicates Hertz is undertaking new financial commitments or obligations, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into new material definitive agreements and financial obligations can introduce financial risks and uncertainties for the company.

Key Players & Entities

• HERTZ GLOBAL HOLDINGS, INC (company) — Filer
• HERTZ CORP (company) — Related Filer
• 20240726 (date) — Report Date

FAQ

Key Financial Figures

• $0.01 — l Holdings, Inc. Common Stock Par value $0.01 per share HTZ The Nasdaq Stock Market L
• $13.80 — c. common stock at an exercise price of $13.80 per share, subject to adjustment HTZWW
• $375,000,000 — an aggregate principal amount equal to $375,000,000, pursuant to the Series 2024-1 Suppleme
• $256,875,000 — Payment Date Series 2024-1 Class A $ $256,875,000 5.44% January 2028 January 2029 Class
• $37,500,000 — 4% January 2028 January 2029 Class B $ $37,500,000 6.12% January 2028 January 2029 Class
• $50,625,000 — 2% January 2028 January 2029 Class C $ $50,625,000 6.70% January 2028 January 2029 Class
• $30,000,000 — 0% January 2028 January 2029 Class D $ $30,000,000 9.22% January 2028 January 2029 Serie
• $13 — er the Warrant Agreement from $13.80 to $13.61, effective as of the date of such is

Filing Documents

• htz-20240726.htm (8-K) — 69KB
• hvfii2024-1seriessupplement.htm (EX-10.1) — 921KB
• hvfiii2024-2seriessuppleme.htm (EX-10.2) — 918KB
• hghguarantee.htm (EX-10.3) — 128KB
• 0001657853-24-000099.txt ( ) — 2435KB
• htz-20240726.xsd (EX-101.SCH) — 3KB
• htz-20240726_def.xml (EX-101.DEF) — 17KB
• htz-20240726_lab.xml (EX-101.LAB) — 30KB
• htz-20240726_pre.xml (EX-101.PRE) — 18KB
• htz-20240726_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. HVF III Rental Car Asset Backed Note Offerings On July 26, 2024, Hertz Vehicle Financing III LLC (" HVF III "), a wholly-owned, special-purpose and bankruptcy-remote subsidiary of The Hertz Corporation (" THC "), issued two series of notes to unaffiliated third parties: (1) the Series 2024-1 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D, in an aggregate principal amount equal to $375,000,000, pursuant to the Series 2024-1 Supplement (the " Series 2024-1 Supplement "), dated as of July 26, 2024, among HVF III, as issuer, THC, as administrator, and The Bank of New York Mellon Trust Company, N.A. (" BNYM "), as trustee, to the Base Indenture (the " Base Indenture "), dated as of June 29, 2021, which was previously filed as Exhibit 10.7 to the Current Report on Form 8-K filed on July 7, 2021; and (2) the Series 2024-2 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D, in an aggregate principal amount equal to $375,000,000, pursuant to the Series 2024-2 Supplement (the " Series 2024-2 Supplement "), dated as of July 26, 2024, among HVF III, as issuer, THC, as administrator, and BNYM, as trustee, to the Base Indenture. The Series 2024-1 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D (collectively, the " Series 2024-1 Notes ") and the Series 2024-2 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D (collectively, the " Series 2024-2 Notes ") are described together below as the " Series 2024 Notes ." THC utilizes the HVF III securitization platform, which consists of both variable funding notes and medium-term notes, such as the Series 2024 Notes issued in the offerings described herein, to finance its U.S. rental car fleet. Subject to certain conditions, additional notes may be issued in the future under the Base Indenture. The Series 2024 Notes were issued with the following terms:

01 Other Events

Item 8.01 Other Events. On June 28, 2024, THC issued Exchangeable Notes. Pursuant to Section 12(f) of the Warrant Agreement, dated as of June 30, 2021 (the " Warrant Agreement "), between HGH and Computershare Inc. and Computershare Trust Company, N.A., collectively, as warrant agent, the issuance of the Exchangeable Notes results in an adjustment to the exercise price under the Warrant Agreement from $13.80 to $13.61, effective as of the date of such issuance of such Exchangeable Notes, which was June 28, 2024. Pursuant to Section 12(j) of the Warrant Agreement, the warrant number under the Warrant Agreement is adjusted, effective concurrently with the effectiveness of the adjustment to the exercise price, from 1.0 share of Common Stock per Warrant to 1.0140 shares of Common Stock per Warrant.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit Description 10.1 Series 2024-1 Supplement, dated as of July 26, 2024, among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee. 10.2 Series 2024-2 Supplement, dated as of July 26, 2024, among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee. 10.3 Guarantee Agreement, dated as of July 26, 2024, by and between Hertz Global Holdings, Inc. and Barclays Bank PLC, as administrative agent 104.1 Cover page Interactive Date File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HERTZ GLOBAL HOLDINGS, INC. THE HERTZ CORPORATION (each, a Registrant) By: /s/ Scott Haralson Name: Scott Haralson Title: Executive Vice President and Chief Financial Officer Date:July 26, 2024

View Full Filing

View this 8-K filing on SEC EDGAR