Hertz refinances $12 billion of debt, develops new revenue streams

By Lisa Kerner

Charlotte, N.C., Nov. 15 - Hertz Global Holdings, Inc. chairman and chief executive officer Mark Frissora highlighted his company's stable top-line growth and strong balance sheet during a presentation at the 2011 Barclays Auto Conference in New York on Tuesday.

The company has refinanced $12 billion of debt over the last 18 months.

Hertz fleet debt has staggered maturities, with the next maturity due in 2013.

In addition to the company's traditional car rental business and its growing position in the worldwide equipment rental business, Frissora said a new corporate program is expected to drive revenues within the next two years.

The Park Ridge, N.J.-based auto and equipment rental company also has rental kiosks in place at 10 airports that combine self-service with access to a remote, live attendant. This application, according to Frissora, puts Hertz at least two years ahead of its competition.

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