Hertz Vehicle Financing III LLC Series 2021-1 and Series 2021-2 Rental Car Asset Backed Notes: Presale Report

Having received the Bankruptcy court's confirmation on June 10, 2021 for Plan of Reorganization (the Plan) filed on May 12, 2021, Hertz Global Holdings plans to emerge from Chapter 11 by the end of June 2021. As contemplated in the Plan of Reorganization, Hertz Vehicle Financing III LLC will be established as the company's primary post-bankruptcy rental car securitization platform in the U.S. The provisionally rated Series 2021-1 and Series 2021-2 Notes offered under the Hertz Vehicle Financing III platform represent the inaugural offering from the Hertz Corporation when it emerges from Chapter 11 at the end of June. The Plan, which reflects the successful bid from Knighthead, Certares, and Apollo is expected to eliminate over $5 billion of debt, including all of Hertz Europe’s corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized company. The Plan also includes full repayment of first-lien facilities, including the DIP Facility, the prepetition Revolving Credit Facility, drawn Letters of Credit, and prepetition Term Loan B Notes.