Hertz Global Holdings secures $1.65 billion in financingChristian Fernsby ▼ | October 16, 2020
Hertz Global Holdings announced that it has secured commitments for debtor-in-possession ("DIP") financing totaling $1.65 billion and has filed a motion for approval of the financing by the U.S. Bankruptcy Court for the District of Delaware.
Hertz Up to $800 million can be used for working capital
The financing is to be provided by certain of the Company's pre-petition first-lien lenders and is expected to be structured as a delayed draw term loan debtor facility.
Up to $1 billion can be used to provide equity for vehicle acquisition in the U.S. and Canada.
Up to $800 million can be used for working capital and general corporate purposes.
The financing is subject to finalization of definitive documentation, Court approval and other customary conditions, and a hearing is scheduled for October 29, 2020. ■