Dollar Thrifty Automotive Group Announces Pricing of $500 Million of Medium-Term Asset Backed Notes

TULSA, Okla. - Dollar Thrifty Automotive Group, Inc. announced that Rental Car Finance Corp. ("RCFC"), a special purpose Oklahoma corporation and wholly owned subsidiary of the Company, priced $500 million in aggregate principal amount of medium-term Series 2011-1 rental car asset backed notes. The notes will be issued in two separate classes, with senior Class A notes and subordinated Class B notes. 

The $420 million of Class A notes were priced with an annual coupon of 2.51%, while the $80 million of Class B notes were priced with an annual coupon of 4.38%. On a blended basis, the average annual coupon on the combined $500 million principal amount of notes is approximately 2.81%. The Class B Notes will be subordinated to the Class A notes, and both series of notes will have expected final payment dates in February 2015.

Following the closing of the transaction, the net proceeds from the sale of the Series 2011-1 notes will be applied to refinance vehicles from one or more of RCFC's outstanding series of variable funding notes, thereby reducing borrowings outstanding under those facilities. The offering is expected to close on July 28, 2011, subject to normal closing conditions.

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