Debt (Tables)

3 Months Ended

Mar. 31, 2012

Debt

Components of debt

Facility	Average Interest Rate at March 31, 2012(1)			Fixed or Floating Interest Rate	Maturity	March 31, 2012			December 31, 2011
Corporate Debt
Senior Term Facility		3.75	%	Floating	3/2018	$	1,386.0		$	1,389.5
Senior ABL Facility		2.50	%	Floating	3/2016		120.0			—
Senior Notes(2)		7.09	%	Fixed	10/2018–1/2021		2,450.0			2,638.6
Promissory Notes		7.48	%	Fixed	6/2012–1/2028		224.7			224.7
Convertible Senior Notes		5.25	%	Fixed	6/2014		474.7			474.7
Other Corporate Debt		5.00	%	Floating	Various		45.9			49.6
Unamortized Net Discount (Corporate)(3)							(56.1	)		(72.3	)
Total Corporate Debt							4,645.2			4,704.8
Fleet Debt
U.S. ABS Program
U.S. Fleet Variable Funding Notes:
Series 2009-1(4)		1.27	%	Floating	3/2013		1,450.0			1,000.0
Series 2010-2(4)		1.35	%	Floating	3/2013		200.0			170.0
Series 2011-2(4)		2.82	%	Floating	4/2012		70.0			175.0
							1,720.0			1,345.0
U.S. Fleet Medium Term Notes
Series 2009-2(4)		4.95	%	Fixed	3/2013–3/2015		1,384.3			1,384.3
Series 2010-1(4)		3.77	%	Fixed	2/2014–2/2018		749.8			749.8
Series 2011-1(4)		2.86	%	Fixed	3/2015–3/2017		598.0			598.0
							2,732.1			2,732.1
Donlen ABS Program
Donlen GN II Variable Funding Notes		1.26	%	Floating	8/2012		835.0			811.2
Other Fleet Debt
U.S. Fleet Financing Facility		3.31	%	Floating	9/2015		161.0			136.0
European Revolving Credit Facility		4.11	%	Floating	6/2013		44.0			200.6
European Fleet Notes		8.50	%	Fixed	7/2015		532.7			517.7
European Securitization(4)		2.82	%	Floating	7/2013		229.3			256.2
Canadian Securitization(4)		2.10	%	Floating	5/2012		60.1			68.3
Australian Securitization(4)		6.00	%	Floating	12/2012		165.2			169.3
Brazilian Fleet Financing Facility		17.35	%	Floating	6/2012		16.8			23.1
Capitalized Leases		4.60	%	Floating	Various		293.7			363.7
Unamortized Discount (Fleet)							(9.4	)		(10.9	)
							1,493.4			1,724.0
Total Fleet Debt							6,780.5			6,612.3
Total Debt						$	11,425.7		$	11,317.1

Note:

For further information on the definitions and terms of our debt, see Note 4 of the Notes to our audited annual consolidated financial statements included in our Form 10-K under the caption "Item 8—Financial Statements and Supplementary Data."

(1)

As applicable, reference is to the March 31, 2012 weighted average interest rate (weighted by principal balance).

(2)

References to our "Senior Notes" include the series of Hertz's unsecured senior notes set forth in the table below. As of March 31, 2012, the outstanding principal amount for each such series of the Senior Notes is also specified below.

	Outstanding Principal (in millions)
Senior Notes	March 31, 2012		December 31, 2011
8.875% Senior Notes due January 2014	$	—	$	162.3
7.875% Senior Notes due January 2014		—		276.3	(€213.5)
7.50% Senior Notes due October 2018		700.0		700.0
7.375% Senior Notes due January 2021		500.0		500.0
6.75% Senior Notes due April 2019		1,250.0		1,000.0
	$	2,450.0	$	2,638.6

(3)

As of March 31, 2012 and December 31, 2011, $59.5 million and $65.5 million, respectively, of the unamortized corporate discount relates to the 5.25% Convertible Senior Notes.

(4)

Maturity reference is to the "expected final maturity date" as opposed to the subsequent "legal maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness expect the relevant indebtedness to be repaid. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable.

Schedule of outstanding principal amount for each series of the Senior Notes

	Outstanding Principal (in millions)
Senior Notes	March 31, 2012		December 31, 2011
8.875% Senior Notes due January 2014	$	—	$	162.3
7.875% Senior Notes due January 2014		—		276.3	(€213.5)
7.50% Senior Notes due October 2018		700.0		700.0
7.375% Senior Notes due January 2021		500.0		500.0
6.75% Senior Notes due April 2019		1,250.0		1,000.0
	$	2,450.0	$	2,638.6

Components of maturities of debt

2013	$	4,920.2	(including $4,070.5 of other short-term borrowings*)
2014	$	285.5
2015	$	1,210.7
2016	$	921.7
2017	$	244.1
After 2017	$	3,909.0

*

Our short-term borrowings as of March 31, 2012 include, among other items, the amounts outstanding under the European Securitization, Australian Securitization, Senior ABL Facility, U.S. Fleet Financing Facility, U.S. Fleet Variable Funding Notes, Brazilian Fleet Financing Facility, Canadian Securitization, Capitalized Leases, European Revolving Credit Facility and the Donlen GN II Variable Funding Notes. These amounts are reflected as short-term borrowings, regardless of the facility maturity date, as these facilities are revolving in nature and/or the outstanding borrowings have maturities of three months or less. Short-term borrowings also include the Convertible Senior Notes which became convertible on January 1, 2012 and remain as such through June 30, 2012. As of March 31, 2012, short-term borrowings had a weighted average interest rate of 2.5%.

Schedule of facilities available for the use of the company and its subsidiaries

	Remaining Capacity		Availability Under Borrowing Base Limitation
Corporate Debt
Senior ABL Facility	$	1,320.3	$	953.6
Total Corporate Debt		1,320.3		953.6
Fleet Debt
U.S. Fleet Variable Funding Notes		618.1		159.7
Donlen GN II Variable Funding Notes		20.1		20.1
U.S. Fleet Financing Facility		29.0		29.0
European Revolving Credit Facility		249.0		91.0
European Securitization		282.9		26.2
Canadian Securitization		140.2		4.9
Australian Securitization		94.6		3.6
Capitalized Leases		230.2		25.2
Total Fleet Debt		1,664.1		359.7
Total	$	2,984.4	$	1,313.3