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Hertz Global Holdings (OTC:HTZGQ), Inc. (NASDAQ:HTZ) announced Thursday that affiliates of The Hertz Corporation have amended agreements related to their European asset-backed securitization (ABS) platform. The amendments enable the issuance of new Class C Notes with an aggregate principal amount of €100 million to unaffiliated third parties. According to InvestingPro data, Hertz currently carries a substantial debt burden of $18.9 billion, with a concerning debt-to-total-capital ratio of 89%.
According to the company’s statement in a Securities and Exchange Commission filing, the new Class C Notes carry a fixed interest rate of 10.54% and mature in April 2027. The notes are subordinated to existing Class A and Class B Notes within the ABS structure and are issued on a revolving basis.
The European ABS facility supports vehicle fleet financing activities in Belgium, France, Germany, Italy, the Netherlands, and Spain. Proceeds from the facility are used by special purpose fleet subsidiaries of Hertz to purchase rental vehicles, which serve as collateral for the agreement. The vehicles are then leased to Hertz’s international operating subsidiaries for rental to customers.
The amendments affect the Issuer Facility Agreement and the Master Definitions and Constructions Agreement, both of which were amended and restated effective Thursday. International Fleet Financing No. 2 B.V., an indirect special purpose subsidiary of Hertz, is party to the facility, with Credit Agricole (OTC:CRARY) Corporate and Investment Bank serving as administrative agent and BNP Paribas (OTC:BNPQY) Trust Corporation UK Limited as security trustee.
This information is based on a press release statement included in Hertz Global Holdings’ SEC filing.
In other recent news, Hertz Global Holdings Inc . reported disappointing first-quarter 2025 results, with earnings per share of -$1.12, missing analysts’ projections of -$0.94. The company’s revenue also fell short of expectations, coming in at $1.81 billion compared to the anticipated $2.01 billion. Following these results, analysts from Jefferies adjusted their price target for Hertz, reducing it from $7.00 to $6.00, while maintaining a Hold rating. Meanwhile, JPMorgan reiterated its Underweight rating after Hertz reported a larger-than-expected EBITDA loss of $325 million, which was more severe than both JPMorgan’s and Bloomberg’s estimates.
Goldman Sachs maintained its Sell rating on Hertz, with a price target of $3.00, citing significant revenue shortfalls due to an 8% reduction in fleet size. The firm expressed skepticism about Hertz’s ability to regain lost market share despite the company’s efforts to maintain rental prices. In other developments, Hertz stockholders elected four directors to the board and ratified Ernst & Young LLP as the independent auditor for the fiscal year ending December 31, 2025. Additionally, an advisory vote approved the compensation for named executive officers, with a majority of stockholders voting in favor.
Hertz’s ongoing fleet refresh strategy has been highlighted as a positive development, with analysts noting improvements in depreciation per unit. However, the overall economic environment and Hertz’s strategic decisions continue to pose challenges for the company. These recent developments underscore the complexities Hertz faces as it navigates through industry challenges and broader economic uncertainties.
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