PARK RIDGE, N.J. -

Hertz Global Holdings announced this week that its wholly owned subsidiary, Donlen Corp., 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 — 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 Sept, 29, 2014 and a two year variable funding note facility with an expected maturity date of Sept, 29, 2015. 

Officials said the aggregate maximum principal amount of the Series 2013-1 Notes is $850 million, approximately $730 million of which was funded as of Monday.

The aggregate maximum principal amount of the Series 2013-2 Notes is $250 million, approximately $215 million of which was funded as of Monday.

The company explained 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. 

Officials went on to mention 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,” officials said. “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 Hertz.

The company added the proceeds of the Series 2013-1 Notes and the Series 2013-2 Notes were used to refinance the GN Funding II Facility that was due to mature on Dec. 31. The GN Funding II facility has now been terminated, according to the company.

“The new HFLF financing platform also provides for the issuance from time to time of medium term asset backed notes,” officials said.

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