Hertz Subsidiary Issues $875 Million in Asset-Backed Notes to Finance Vehicle Fleet

Hertz announced that its wholly-owned subsidiary, Hertz Vehicle Financing III LLC (HVF III), has issued two series of rental car asset-backed notes with an aggregate principal amount of $875 million. This transaction is part of the company's ongoing securitization program to finance its U.S. rental car fleet.

Key Details

• Offering Breakdown: The offering, which closed on August 27, 2026, consists of Series 2026-3 Notes totaling $375 million and Series 2026-4 Notes totaling $500 million.
• Use of Proceeds: Net proceeds will be used in part to repay outstanding Series 2021-A notes. Remaining funds are expected to finance the future acquisition or refinancing of eligible vehicles.
• Terms: The notes have various classes with fixed interest rates ranging from 5.51% to 11.35%. The Series 2026-3 Notes have an expected final payment date of February 2030, and the Series 2026-4 Notes have an expected final payment date of February 2032.