Hertz Global Holdings Inc. announced that its subsidiary, Hertz Vehicle Financing LLC, priced $1.2 billion in aggregate principal amount of three-year and five-year Series 2009-2 Rental Car Asset Backed Notes rated "Aaa" by Moody's. The three-year notes carry a 4.26 percent coupon (4.30 percent yield) and the five-year notes carry a 5.29 percent coupon (5.35 percent yield) with expected final maturities in 2013 and 2015, respectively. The advance rate on the notes is approximately 66 percent. The notes are to be sold to qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A of the Securities Act of 1933, as amended and to investors outside the United States pursuant to Regulation S under the Securities Act. The offering is expected to close on Oct. 23, 2009 subject to customary closing conditions. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The notes have not been and will not be registered under the Securities Act of 1933 or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
FCA US is recalling roughly 4.8 million U.S. market vehicles due to a defect that could prevent the cruise control system from disengaging, according to a company press release.