Clifford Chance advises senior banks on renewal and mezzanine expansion of Hertz’s European securitisation platform

29 July 2025

Maggie Zhao, Tom Capon, Paul Lancelot, Chris Davies, Nick Humphries, Nienke van Stekelenburgh, Maurice Oesterhelt, Oliver Kronat, Alexander Metzing, Julien Rocherieux, Florian Guennec, Tanja Svetina, Jesús Quesada, Lounia Czupper
London, Frankfurt, Madrid, Amsterdam, Paris, Brussels

Clifford Chance advises senior banks on renewal and mezzanine expansion of Hertz’s European securitisation platform

Global law firm Clifford Chance has advised the senior banks in connection with the renewal of, and the addition of a new mezzanine tranche under, Hertz’s pan-European securitisation platform for the acquisition of vehicles for use in its rental business. This follows the addition of Italy to the pan-European programme in 2022 and Belgium in 2024, both being the first time a securitisation structure was used for rental fleet financing on a large scale in those jurisdictions. Hertz’s rental fleet in France, The Netherlands, Germany and Spain have been financed under the programme since 2018.

Long standing senior lenders’ counsel Maggie Zhao led the Clifford Chance deal team including Tom Capon, Paul Lancelot, Allyx Guittard and Tami Olorunfemi, with support from the tax team provided by Chris Davies and Nick Humphries. Local law advice was provided by Nienke van Stekelenburgh, Maurice Oesterhelt (Dutch law), Oliver Kronat, Alexander Metzing (German law), Julien Rocherieux, Florian Guennec (French law), Tanja Svetina, Pietro Zocche (Italian law), Jesús Quesada, Enrique Pais (Spanish law), Lounia Czupper, and Yonathan Tison (Belgian law).

Commenting on the transaction, Maggie Zhao said: “Having advised in relation to the Hertz pan-European programme since 2018, we are delighted to have supported Hertz and its banking group on this significant milestone in the company’s funding journey, also continuing to show our firm’s deep expertise in securitisations backed by vehicle rental fleets.”