Hertz gets approval of up to C$400 million fleet financing facility

By Sarah Lizee

Olympia, Wash., Jan. 13 – Hertz Global Holdings, Inc. received court approval for debtors Hertz Corp., Hertz Canada Ltd. and Dollar Thrifty Automotive Group Canada, Inc. to enter into an up to C$400 million Canadian fleet financing facility, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The new facility will refinance the outstanding, roughly C$71 million, owed under the existing Canadian fleet financing facility, which is set to mature on March 31.

The new facility has the same ABS structure used for the existing facility and carries an interest rate of about 2.5%, subject to adjustment based on CDOR.

Deutsche Bank AG, Canada Branch is the lender.

Hertz is an Estero, Fla.-based car rental company. It filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on May 22, 2020. The case number is 20-11218.

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