Hertz Global Holdings Inc. has secured commitments for fleet financing totaling $4 billion from Athene USA Corp., an affiliate of Apollo Capital Management, the company said.

The company said the financing is expected to be structured as an asset-backed securitization short-term facility.

In a statement, the company noted that, when combined with its recently approved $1 billion debtor-in-possession, or DIP, facility, it will "have access to up to $5 billion in total funding to support its fleet financing needs."

Hertz Global said it plans to refresh its rental car fleet in 2021 and anticipates the purchase of approximately 229,000 vehicles through a new special purpose entity that would be a direct, wholly owned subsidiary of The Hertz Corporation. The company expects to begin placing orders for deliveries of new vehicles that would commence in the first quarter of 2021.

A bankruptcy court hearing on the financing is set for Nov. 24, Hertz said.

Moelis & Co. is the company's investment banker. FTI Consulting is its financial advisor, and White & Case is legal advisor.