Hertz: Court approves $4 billion fleet financing via Apollo affiliate

By Sarah Lizee

Olympia, Wash., Nov. 24 – Hertz Corp. received court approval of $4 billion of fleet financing from Athene USA Corp., an affiliate of Apollo Capital Management, LP, according to an order filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware.

Together with the up to $1 billion of Hertz’s debtor-in-possession financing that may be used for equity in the fleet financing subsidiary, Hertz now has access to up to $5 billion in total funding to support its fleet financing needs.

Hertz plans to refresh its rental car fleet in 2021 and anticipates the purchase of roughly 229,000 vehicles.

Athene committed to provide the fleet financing to a new special-purpose entity owned by Hertz, and it is expected to be structured as an asset-backed securitization short-term facility.

Hertz is an Estero, Fla.-based car rental company. It filed Chapter 11 bankruptcy on May 22, 2020. The case number is 20-11218.

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