The Hertz Corporation Completes $3.4 Billion Refinancing 

 

March 11, 2011

On March 11, 2011, The Hertz Corporation (the "Parent Borrower") and Hertz Equipment Rental Corporation ("HERC", together with the Parent Borrower, the "Borrowers") completed the refinancing of their existing senior secured credit facility under a new $1.8 billion asset-based revolving credit facility (the "ABL Refinancing") provided by a syndicate of lenders with Deutsche Bank AG New York Branch, as administrative agent and collateral agent, Wells Fargo Bank, National Association, as co-collateral agent, Deutsche Bank AG Canada Branch, as Canadian administrative agent and Canadian collateral agent and the other parties thereto. Simultaneous with the closing of the ABL Refinancing, the Parent Borrower completed the refinancing of its existing senior secured term loan credit facility with a new $1.6 billion senior secured term loan and synthetic letter of credit facility with Deutsche Bank AG New York Branch, as administrative agent and collateral agent.

The lenders under the ABL Refinancing were represented in Canada by McMillan LLP, with a team that consisted of Bindu Cudjoe, Patrice Beaudin, Ken Bursey and Yonatan Petel (financial services) and Ryan Morris (tax).