Hertz Issues $1B Asset-Backed Notes for Fleet Financing

Hertz Vehicle Financing III LLC (HVF III), a wholly-owned subsidiary of The Hertz Corporation, issued two series of fixed-rate rental car asset-backed notes totaling $1 billion. The Series 2026-1 notes, aggregating $500 million, have an expected final payment date of November 2029, while the Series 2026-2 notes, also totaling $500 million, have an expected final payment date of November 2031. These notes are part of Hertz's securitization platform to finance its U.S. rental car fleet. Principal payments are expected to begin in June 2029 for Series 2026-1 and June 2031 for Series 2026-2, unless an amortization event occurs.