HERTZ GLOBAL HOLDINGS, INC 8-K

What Happened

• Hertz Global Holdings (through its special‑purpose subsidiary Hertz Vehicle Financing III LLC, “HVF III”) filed an 8‑K reporting issuance of a new Class E series of fixed‑rate Rental Car Asset‑Backed Notes and related amendments. On April 24, 2026 HVF III amended multiple series supplements to the Base Indenture to issue Class E notes in the aggregate principal amount of $221,421,000. On April 28, 2026 HVF III and Hertz amended the Series 2021‑A facility and amended and restated certain European securitization documents.

Key Details

• Aggregate Class E issuance: $221,421,000 across 11 series (issued April 24, 2026). Approximately $22 million of the Class E Notes were purchased by affiliates of CK Amarillo LP; the remainder by unaffiliated third parties.
• Interest rates and maturities: coupons range roughly from 10.67% to 12.54%; expected final payment dates span 2027–2031 and legal final payment dates span 2028–2032 (see filing for series‑by‑series schedule).
• Payment/repayment structure: HVF III generally pays no principal until each series’ stated “First Principal Payment Date,” then expects to amortize at roughly one‑sixth of initial principal periodically until the legal final payment date; certain “amortization events” can accelerate principal repayment or force vehicle sales.
• Other amendments (April 28, 2026): extended the commitment termination date for the Series 2021‑A Variable Funding Class A notes to May 5, 2028 (Class A maximum principal amount is $3.240B until May 7, 2027, then $2.980B until May 5, 2028); European ABS documents were amended to extend Class A/B/C maturities to April 2028 and increase the commitment size to €1,293,062,500.

Why It Matters

• These transactions supply financing for Hertz’s rental‑car fleets: the Class E notes provide HVF III capital to acquire or refinance eligible vehicles under the master lease with Hertz operating subsidiaries.
• For investors, the issuance increases the company’s asset‑backed funding capacity but the Class E notes are subordinated to existing A–D classes and carry relatively high fixed coupons, which reflects higher risk and cost of this tranche. Accelerated repayment can occur if certain covenant or performance triggers (amortization events) happen, which could lead to sales of fleet assets to repay noteholders.
• The Series 2021‑A extension and European ABS amendments preserve and expand near‑term liquidity and committed capacity for international and U.S. fleet financing through 2028.