Hertz Global Holdings announced that its wholly owned subsidiary, The Hertz Corporation, completed a repricing of its currently outstanding $1.372 billion senior secured tranche B term loan facility. As part of the repricing, the tranche B term loans will be replaced by new tranche B-2 term loans.

According to an SEC filing, the syndicate of banks is comprised of Deutsche Bank AG New York Branch as administrative agent and collateral agent; Wells Fargo Bank as syndication agent; Bank of America, Barclays Bank, Citibank, Credit Agricole Corporate and Investment Bank and JPMorgan Chase Bank as co-documentation agents.

The expected interest savings are driven by a reduction in the applicable margin charged on eurodollar borrowings under the new tranche B-2 term loans from 275 basis points to 225 basis points, and by a reduction in the interest rate floor applicable to eurodollar borrowings under the new tranche B-2 term loans from 100 basis points to 75 basis points. To reprice the tranche B term loans, Hertz amended the terms of its March 2011 term loan credit agreement.

The terms and conditions of the new tranche B-2 term loans with respect to maturity, collateral, and covenants are otherwise unchanged compared to the tranche B term loans.

Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,270 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand.