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Hertz Global Holdings secures $ 1.65 billion in debt financing commitments

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ESTERO, Fla., October 16, 2020 / PRNewswire / – Hertz Global Holdings, Inc. (NYSE: HTZ) announced today that it has secured commitments for total debtor financing in possession (“DIP”) $ 1.65 billion has filed a motion for approval of funding by the U.S. Bankruptcy Court for the delaware.

Hertz President and CEO Paul Stone said, “This new funding will provide additional financial flexibility as we continue to navigate the effects of the pandemic on the travel industry and take steps to better position our business for the future. We are pleased with the strong interest from “Our first pre-petition to lenders and we appreciate their support for Hertz and our future opportunities as a rental car driver.”

The proposed DIP financing will support the Company as it moves into its next phase of the Chapter 11. process. Financing will be provided by some of the Company’s first-time borrowers and is expected to be structured as a debt relief. term loan. Until $ 1 billion can be used to provide capital for the purchase of vehicles in the US and Canada. Until $ 800 million can be used for working capital and general corporate purposes. Funding is subject to final documentation, Court approval and other customary terms, and a hearing is scheduled for October 29, 2020.

Moelis & Co is serving as investment banker, FTI Consulting is serving as Hertz financial advisor and White & Case LLP is serving as Hertz legal advisor.

Additional information regarding DIP funding and court records is available at https://restrukturim.primeclerk.com/hertz.

About Hertz
Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, Caribbean, Latin America, Africa, Middle East, Asia, Australia and New Zeland. Hertz Corporation is one of the largest vehicle rental companies worldwide, and the Hertz brand is one of the most well-known worldwide. Furthermore, Hertz Corporation owns the vehicle rental leader and fleet management leader Donlen Corporation, operates the Firefly vehicle rental brand and the Hertz 24/7 car distribution business in international markets, and sells vehicles through Hertz Vehicle Sales. For more information about Hertz Corporation, visit www.hertz.com.

SOURCE Hertz Global Holdings, Inc.

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