Hertz Issues $875M in Rental Car Asset-Backed Notes Across Two Series
HTZ sits 46% above its 52-week low of $1.45.
Summary
Hertz's HVF III subsidiary issued $875 million in rental car asset-backed notes across two series to refinance debt and fund fleet purchases.
Key Events · Financing and Capital Events · HTZ
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Series 2026-3 Notes Issued
HVF III issued $375 million in Series 2026-3 notes: Class A $245.25M at 5.51%, Class B $36M at 6.04%, Class C $46.5M at 7.02%, Class D $30M at 9.62%, and Class E $17.25M at 10.33%. Expected final payment February 2030.
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Series 2026-4 Notes Issued
HVF III issued $500 million in Series 2026-4 notes: Class A $327M at 5.87%, Class B $48M at 6.50%, Class C $62M at 7.38%, Class D $40M at 10.70%, and Class E $23M at 11.35%. Expected final payment February 2032.
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Proceeds Refinance Existing Debt
Net proceeds were used in part to repay amounts outstanding on HVF III's Series 2021-A Variable Funding Rental Car Asset Backed Notes, with remaining funds for future vehicle acquisitions or refinancing.
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High-Yield Junior Tranches
Class D and E notes carry double-digit interest rates (9.62% to 11.35%), reflecting the elevated credit risk of Hertz's fleet-financing structure given its $18.75 billion debt load.
Analysis · HTZ · Trade & Services
Continued access to the securitization market is essential for Hertz's liquidity, given its $18.75 billion debt load and $628 million equity deficit. On August 27, 2026, the company's bankruptcy-remote subsidiary HVF III issued $875 million in new asset-backed notes, split between Series 2026-3 ($375M) and Series 2026-4 ($500M). The proceeds refinance existing variable funding notes and fund future vehicle acquisitions. While this is a routine fleet-financing event, the high interest rates on junior tranches—up to 11.35%—reflect the elevated credit risk.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 29.9% of the 1591 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.24%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, HTZ was trading at $2.12 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $762.8M. The 52-week trading range was $1.45 to $8.18. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.