EX-99.2 3 tm256135d1_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2

 

Draft | Subject to Material Revision

Confidential Settlement Communication

Subject to FRE 408 and Equivalents

 

SETTLEMENT PROPOSAL TERM SHEET – FEBRUARY 6, 2025

 

Key Dates · Agreement in Principle: February 10, 2025
  · Targeted Close: March 1, 2025
   
Settlement Amount $341.1 million
   
Form of Consideration · Cash: $68.2 million down payment, paid at close (20% of Settlement Amount)
   
  · New First Lien Secured Note: $272.9 million, issued at close (Settlement Amount net of 20% cash payment at close)
   
Releases Full releases
   
TERMS FOR NEW FIRST LIEN SECURED NOTE
TERMS FOR NEW FIRST LIEN SECURED NOTE
 
Estimated Issue Date March 1, 2025
   
Amount $272.9 million.
   
Maturity December 31, 2025
   
Issuer The Hertz Corporation
   
Obligors Same as existing 12.625% First Lien Senior Secured Notes Due 2029
   
Coupon Payable in cash at 10.00% on 7/31/2025, 9/30/2025, and 12/31/2025
   
Collateral/Priority Same as existing 12.625% First Lien Senior Secured Notes Due 2029
   
Mandatory Amortization · $34.1 million (10% of Settlement Amount) due 7/31/2025
· $68.2 million (20% of Settlement Amount) due 9/30/2025
  · $170.6 million (50% of Settlement Amount) due 12/31/2025 (i.e., at maturity)
   
Call Protection Callable at 105% of par, plus accrued but unpaid interest, outside Mandatory Amortization schedule noted above
   
Covenants TBD