Hertz $1.06 billion ABS issue

Overview:

• Hertz, a car rental company, issued $1.06 billion rental Car asset-backed notes.
• This included an offer of 2016-1 notes and Series 2016-2 notes.
• The Series 2016-1 notes reach maturity in March 2019 and the Series 2016-2 Notes reach maturity in March 2021. 
•  The Series 2016-1 notes offer includes $332.9 million 2.32% notes, $81.2 million 3.72% notes, $25.15 million 4.75% notes and $26.55 million 5.73% notes.
• The Series 2016-2 notes offer include $425 million 2.95% notes, $103.64 million 3.94% notes, $32.1 million 4.99% notes and $33.89 million 5.97% notes. 
• The company planned to use the proceeds from the notes to grant loans to Hertz Vehicle Financing or to repay outstanding debt. 

Rani Mehta - Journalist