Hertz Global Holdings Announces Proposed $250 Million Private Offering of Senior Notes by The Hertz Corporation

Thu Mar 14, 2013 9:18am EDT

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PARK RIDGE, N.J.,  March 14, 2013  /PRNewswire/ -- Hertz Global Holdings, Inc.
(NYSE: HTZ) (the "Company") announced today that its wholly-owned subsidiary,
The Hertz Corporation ("Hertz"), intends to offer  $250 million  aggregate
principal amount of senior notes (the "Notes") in a private offering (the
"Offering") exempt from the registration requirements of the Securities Act of
1933, as amended (the "Securities Act"), subject to market and other conditions.

The Notes will pay interest semi-annually in arrears. The Notes are expected to
be guaranteed on a senior unsecured basis by the domestic subsidiaries of Hertz
that guarantee its senior credit facilities from time to time.

Hertz intends to use the net proceeds from the issuance of the Notes to
replenish a portion of its liquidity after having dividended approximately 
$467.2 million  in available liquidity to the Company, which the Company used to
repurchase approximately 23 million of the approximately 60 million shares of
the Company's common stock sold in an offering by certain of the Company's
stockholders on  March 12, 2013.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy any of the Notes (and the guarantees of the Notes) or any other
securities, nor will there be any sale of the Notes or any other securities in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state. The
Notes (and the guarantees of the Notes) will be issued in reliance on the
exemption from the registration requirements provided by Rule 144A under the
Securities Act and, outside of  the United States, only to non-U.S. investors
pursuant to Regulation S under the Securities Act. None of the Notes and such
guarantees have been registered under the Securities Act or any state securities
laws, and may not be offered or sold in  the United States  absent registration
or an applicable exemption from the registration requirements of the Securities
Act and applicable state securities laws.

ABOUT THE COMPANY

Hertz operates its car rental business through the Hertz, Dollar and Thrifty
brands from approximately 10,270 corporate, licensee and franchisee locations in
 North America,  Europe,  Latin America,  Asia,  Australia,  Africa, the  Middle
East  and  New Zealand. Hertz is the largest worldwide airport general use car
rental brand, operating from approximately 8,860 corporate and licensee
locations in approximately 150 countries.  Our Dollar and Thrifty brands have
approximately 1,410 corporate and franchisee locations in 83 countries. Our
Hertz brand name is one of the most recognized in the world, signifying
leadership in quality rental services and products. We are one of the only car
rental companies that has an extensive network of company-operated rental
locations both in  the United States  and in all major European markets. We
believe that we maintain the leading airport car rental brand market share, by
overall reported revenues, in  the United States  and at 120 major airports in 
Europe  where we have company-operated locations and where data regarding car
rental concessionaire activity is available. We believe that we also maintain
the second largest market share, by overall reported revenues, in the
off-airport car rental market in  the United States. In our equipment rental
business segment, we rent equipment through approximately 340 branches in  the
United States,  Canada,  France,  Spain,  China  and  Saudi Arabia, as well as
through our international licensees. We and our predecessors have been in the
car rental business since 1918 and in the equipment rental business since 1965.
We also own Donlen Corporation, based in  Northbrook, Illinois, which is a
leader in providing fleet leasing and management services.  

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This communication contains "forward-looking statements." Examples of
forward-looking statements include information concerning our liquidity and its
possible or assumed future results of operations, including descriptions of its
business strategy.  These forward-looking statements often include words such as
"believe," "expect," "project," "anticipate," "intend," "plan," "estimate,"
"seek," "will," "may," "would," "should," "could," "forecasts" or similar
expressions. These statements are based on certain assumptions that the Company
has made in light of its experience in the industry as well as its perceptions
of historical trends, current conditions, expected future developments and other
factors that the Company believes are appropriate in these circumstances. You
should understand that these statements are not guarantees of performance or
results.  They involve risks, uncertainties and assumptions.  Many factors could
affect our actual financial results and could cause actual results to differ
materially from those expressed in the forward-looking statements, due to a
variety of important factors, both positive and negative.

Among other items, such factors could include: our ability to integrate the car
rental operations of Dollar Thrifty Automotive Group, Inc. ("Dollar Thrifty")
and realize operational efficiencies from the acquisition of Dollar Thrifty; the
operational and profitability impact of divestitures that we agreed to undertake
to secure regulatory approval for the acquisition of Dollar Thrifty; levels of
travel demand, particularly with respect to airline passenger traffic in  the
United States  and in global markets; the impact of pending and future U.S.
governmental action to address budget deficits through reductions in spending
and similar austerity measures, which could materially adversely affect
unemployment rates and consumer spending levels; significant changes in the
competitive environment, including as a result of industry consolidation, and
the effect of competition in our markets, including on our pricing policies or
use of incentives; occurrences that disrupt rental activity during our peak
periods; our ability to achieve cost savings and efficiencies and realize
opportunities to increase productivity and profitability; an increase in our
fleet costs as a result of an increase in the cost of new vehicles and/or a
decrease in the price at which we dispose of used vehicles either in the used
vehicle market or under repurchase or guaranteed depreciation programs; our
ability to accurately estimate future levels of rental activity and adjust the
size and mix of our fleet accordingly; our ability to maintain sufficient
liquidity and the availability to us of additional or continued sources of
financing for our revenue earning equipment and to refinance our existing
indebtedness; safety recalls by the manufacturers of our vehicles and equipment;
a major disruption in our communication or centralized information networks;
financial instability of the manufacturers of our vehicles and equipment; any
impact on us from the actions of our licensees, franchisees, dealers and
independent contractors; our ability to maintain profitability during adverse
economic cycles and unfavorable external events (including war, terrorist acts,
natural disasters and epidemic disease); shortages of fuel and increases or
volatility in fuel costs; our ability to successfully integrate acquisitions and
complete dispositions; our ability to maintain favorable brand recognition;
costs and risks associated with litigation; risks related to our indebtedness,
including our substantial amount of debt, our ability to incur substantially
more debt and increases in interest rates or in our borrowing margins; our
ability to meet the financial and other covenants contained in our senior credit
facilities, our outstanding unsecured senior notes and certain asset-backed and
asset-based arrangements; changes in accounting principles, or their application
or interpretation, and our ability to make accurate estimates and the
assumptions underlying the estimates, which could have an effect on earnings;
changes in the existing, or the adoption of new laws, regulations, policies or
other activities of governments, agencies and similar organizations where such
actions may affect our operations, the cost thereof or applicable tax rates;
changes to our senior management team; the effect of tangible and intangible
asset impairment charges; the impact of our derivative instruments, which can be
affected by fluctuations in interest rates and commodity prices; and our
exposure to fluctuations in foreign exchange rates. Additional information
concerning these and other factors can be found in our filings with the
Securities and Exchange Commission, including our most recent Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The Company therefore cautions you against relying on these forward-looking
statements. All forward-looking statements attributable to the Company or
persons acting on the Company's behalf are expressly qualified in their entirety
by the foregoing cautionary statements. All such statements speak only as of the
date made, and the Company undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information, future
events or otherwise.

SOURCE  The Hertz Corporation


Leslie Hunziker, Hertz Investor Relations, +1-201-307-2337, lhunziker@hertz.com
or Richard Broome, Hertz Media Relations, +1-201-307-2486, rbroome@hertz.com

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