Debt (Tables)

12 Months Ended

Dec. 31, 2013

Our debt consists of the following (in millions of dollars):



Facility	Average Interest Rate at December 31, 2013⁽¹⁾	Fixed or Floating Interest Rate	Maturity	December 31, 2013		December 31, 2012
Corporate Debt
Senior Term Facility	3.26%	Floating	3/2018	$	2,104.2	$	2,125.5
Senior ABL Facility	3.06%	Floating	3/2016	288.9		195.0
Senior Notes⁽²⁾	6.58%	Fixed	4/2018–10/2022	3,899.8		3,650.0
Promissory Notes	6.96%	Fixed	8/2014–1/2028	48.7		48.7
Other Corporate Debt	3.86%	Floating	Various	77.1		88.7
Unamortized Net Premium (Corporate)				3.2		3.3
Total Corporate Debt				6,421.9		6,111.2
Fleet Debt
HVF U.S. ABS Program
HVF U.S. Fleet Variable Funding Notes:
HVF Series 2009-1⁽³⁾	0.99%	Floating	11/2015	60.0		2,350.0
				60.0		2,350.0
HVF U.S. Fleet Medium Term Notes
HVF Series 2009-2⁽³⁾	5.37%	Fixed	3/2013–3/2015	807.5		1,095.9
HVF Series 2010-1⁽³⁾	4.03%	Fixed	2/2014–2/2018	576.8		749.8
HVF Series 2011-1⁽³⁾	2.86%	Fixed	3/2015–3/2017	598.0		598.0
HVF Series 2013-1⁽³⁾	1.68%	Fixed	8/2016–8/2018	950.0		—
				2,932.3		2,443.7
RCFC U.S. ABS Program
RCFC U.S. Fleet Variable Funding Notes
RCFC Series 2010-3 Notes^(3)(4)(5)	N/A	Floating	N/A	—		519.0
RCFC U.S. Fleet Medium Term Notes
RCFC Series 2011-1 Notes^(3)(4)(5)	2.81%	Fixed	2/2015	500.0		500.0
RCFC Series 2011-2 Notes^(3)(4)(5)	3.21%	Fixed	5/2015	400.0		400.0
				900.0		1,419.0
HVF II U.S. ABS Program
HVF II U.S. Fleet Variable Funding Notes:
HVF II Series 2013-A⁽³⁾	1.02%	Floating	11/2015	2,380.0		—
HVF II Series 2013-B⁽³⁾	1.02%	Floating	11/2015	585.0		—
				2,965.0		—
Donlen ABS Program
Donlen GN II Variable Funding Notes⁽³⁾	N/A	Floating	12/2013	—		899.3
HFLF Variable Funding Notes
HFLF Series 2013-1 Notes⁽³⁾	1.05%	Floating	9/2014	280.1		—



Facility	Average Interest Rate at December 31, 2013⁽¹⁾	Fixed or Floating Interest Rate	Maturity	December 31, 2013		December 31, 2012
HFLF Series 2013-2 Notes⁽³⁾	1.16%	Floating	9/2015	206.0		—
				486.1		899.3
HFLF Medium Term Notes
HFLF Series 2013-A Notes⁽³⁾	0.79%	Floating	9/2016–11/2016	500.0		—
				500.0		—
Other Fleet Debt
U.S. Fleet Financing Facility	2.92%	Floating	9/2015	153.0		166.0
European Revolving Credit Facility	2.97%	Floating	6/2015	302.5		185.3
European Fleet Notes	4.375%	Fixed	1/2019	584.3		—
Former European Fleet Notes	8.50%	Fixed	3/2015	—		529.4
European Securitization⁽³⁾	2.61%	Floating	7/2014	280.5		242.2
Hertz-Sponsored Canadian Securitization⁽³⁾	2.15%	Floating	3/2014	88.7		100.5
Dollar Thrifty-Sponsored Canadian Securitization⁽³⁾⁽⁵⁾	2.14%	Floating	8/2014	38.3		55.3
Australian Securitization⁽³⁾	3.94%	Floating	12/2014	110.9		148.9
Brazilian Fleet Financing Facility	14.05%	Floating	10/2014	12.3		14.0
Capitalized Leases	4.09%	Floating	Various	385.4		337.6
Unamortized Premium (Fleet)				6.3		12.1
				1,962.2		1,791.3
Total Fleet Debt				9,805.6		8,903.3
Total Debt				$	16,227.5	$	15,014.5

_______________________________________________________________________________


(1)	As applicable, reference is to the December 31, 2013 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 December 31, 2013 and December 31, 2012, the outstanding principal amount for each such series of the Senior Notes is also specified below.

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



	Outstanding Principal (in millions)
Senior Notes	December 31, 2013		December 31, 2012
4.25% Senior Notes due April 2018	$	250.0	$	—
7.50% Senior Notes due October 2018	700.0		700.0
6.75% Senior Notes due April 2019	1,250.0		1,250.0
5.875% Senior Notes due October 2020	699.8		700.0
7.375% Senior Notes due January 2021	500.0		500.0
6.25% Senior Notes due October 2022	500.0		500.0
	$	3,899.8	$	3,650.0

(3)

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, which in the case of the HFLF Medium Term Notes was based upon various assumptions made at the time of the pricing of such notes. The legal final maturity date is the date on which the relevant indebtedness is legally due and payable.


(4)	RCFC U.S. ABS Program and the Dollar Thrifty-Sponsored Canadian Securitization represent fleet debt acquired in connection with the Dollar Thrifty acquisition on November 19, 2012.


(5)	In connection with the closing of the existing HVF II U.S. Fleet Variable Funding Notes, the existing RCFC Series 2010-3 noteholders were paid off.

Components of maturities of debt

The nominal amounts of maturities of debt for each of the twelve-month periods ending December 31 (in millions of dollars) are as follows:



2014	$	1,968.7	(including $842.6 of other short-term borrowings*)
2015	$	5,284.5
2016	$	1,367.5
2017	$	366.0
2018	$	3,643.5
After 2018	$	3,587.8

_______________________________________________________________________________



*	Our short-term borrowings as of December 31, 2013 include, among other items, the amounts outstanding under the European Securitization, Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian Securitization, Australian Securitization and Brazilian Fleet Financing Facility. As of December 31, 2013, short-term borrowings had a weighted average interest rate of 3.2%. In February 2014, the Hertz-Sponsored Canadian Securitization and Dollar Thrifty-Sponsored Canadian Securitization had been extended to March 2015. See Note 19-Subsequent Events.

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

As of December 31, 2013, the following facilities were available for the use of Hertz and its subsidiaries (in millions of dollars):



	Remaining Capacity		Availability Under Borrowing Base Limitation
Corporate Debt
Senior ABL Facility	$	1,156.7	$	1,156.7
Total Corporate Debt	1,156.7		1,156.7
Fleet Debt
HVF U.S. Fleet Variable Funding Notes	90.0		—
HVF II U.S. Fleet Variable Funding Notes	210.0		—
HFLF Variable Funding Notes	104.0		—
U.S. Fleet Financing Facility	37.0		—
European Securitization	269.5		4.1
European Revolving Credit Facility	—		—
Hertz-Sponsored Canadian Securitization	98.1		—
Dollar Thrifty-Sponsored Canadian Securitization	101.8		—
Australian Securitization	110.9		—
Capitalized Leases	19.8		19.8
Total Fleet Debt	1,041.1		23.9
Total	$	2,197.8	$	1,180.6