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News

GE services provides $275 Million revolving credit facility for hertz corporation

AZDEL : 18 August, 2007  (Company News)
Commercial Finance Fleet Services today announced the closing of a new $275 million 5-year revolving credit facility for Hertz Corporation, the largest general use car rental company in the world. GE Commercial Finance Fleet Services, which served as sole lead arranger and bookrunner for the facility and led its syndication, also will serve as administrative agent. Proceeds of the financing, primarily will be used to acquire, finance and refinance vehicles for the company
Commercial Finance Fleet Services today announced the closing of a new $275 million 5-year revolving credit facility for Hertz Corporation, the largest general use car rental company in the world. GE Commercial Finance Fleet Services, which served as sole lead arranger and bookrunner for the facility and led its syndication, also will serve as administrative agent. Proceeds of the financing, primarily will be used to acquire, finance and refinance vehicles for the company’s car rental business.

“Our new partnership with Hertz Corporation is significant on several fronts,” said Kathy Marinello, GE Commercial Finance Fleet Services President and CEO. “First, we value the opportunity to work with a premier company. Second, we see the growth potential in the auto rental industry and believe we are uniquely equipped to help companies like Hertz capitalize on this potential. And finally, we see the quality of opportunities in this space as a strong affirmation of our commitment to leverage our expertise to support the rental vehicle financing market.”
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