Hertz Global Holdings, Inc. announced that its wholly owned subsidiary, Donlen Corporation ("Donlen"), has successfully completed the establishment of a new fleet lease securitization platform to finance its U.S. fleet lease operations going forward.  In connection with the establishment of the new financing platform, Hertz Fleet Lease Funding LP ("HFLF"), a wholly owned special purpose subsidiary of Donlen, successfully completed a $1.1 billion financing, allocated between a one year variable funding note facility with an expected maturity date of September 29, 2014 (the "Series 2013-1 Notes") and a two year variable funding note facility with an expected maturity date of September 29, 2015 (the "Series 2013-2 Notes"). 

The aggregate maximum principal amount of the Series 2013-1 Notes is $850 million, approximately $730 million of which was funded as of September 30, 2013.  The aggregate maximum principal amount of the Series 2013-2 Notes is $250 million, approximately $215 million of which was funded as of September 30, 2013.  The Series 2013-1 Notes and Series 2013-2 Notes each are comprised of three classes, Class A, Class B and Class C, that are rated "Aaa", "Aa2 and "A2" by Moody's, respectively. 

HFLF is structured as a master trust, with one or more revolving pools of collateral.  The notes issued by HFLF are ultimately backed by a special unit of beneficial interest in a pool of leases and the related vehicles. The leases were originated in the name of Donlen Trust.  A performance guarantee of Donlen's obligations as servicer and administrator in respect of the Series 2013-1 Notes and Series 2013-2 Notes is provided by The Hertz Corporation.

The proceeds of the Series 2013-1 Notes and the Series 2013-2 Notes were used to refinance the GN Funding II L.L.C. Facility, that was due to mature on December 31, 2013. The GN Funding II L.L.C. facility has now been terminated.  The new HFLF financing platform also provides for the issuance from time to time of medium term asset backed notes.