Hertz Corp. and its subsidiaries, Hertz Corp. and Hertz Equipment Rental Corp. have completed the refinancing of their existing senior secured credit facilities under a new $1.8 billion asset-based revolving credit facility and a new $1.6 billion senior secured term loan that will mature in 2015. The senior term loan facility will mature in 2018.
“The closing of our senior credit facilities is a significant further step in our strategy to refinance our corporate debt and extend our maturity profile at attractive rates and terms,” said chairman and CEO Mark Frissora. “Combined with the closing of the $500 million of senior unsecured notes that we priced on March 7 and the related redemption of higher coupon notes, greater than 75 percent of our funded corporate debt will have maturity dates in 2018 or beyond. In addition, the maturity date of our senior ABL facility, which serves as our primary corporate liquidity line, has been extended into 2015.”
Frissora added that the refinancings solidify the company’s capital structure.
Based in Park Ridge, N.J., HERC is No. 4 on the RER 100.