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.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

What a Connected Fleet Means to Avis (and Car Rental)

Counter bypass is just the beginning. The promise of a “data-driven ecosystem” that connects renters with the rental agency, retail services, and even the city is a better managed fleet, an improved user experience, and new revenue opportunities during the rental itself.

Should Peer-to-Peer Renters Pay Airport Car Rental Fees?

The question is central to the City of San Francisco’s lawsuit against Turo for operating without a permit at San Francisco International Airport.

Hard Times Ahead for the Compact SUV Segment?

The hottest segment today is facing a glut of models and volume in tomorrow’s wholesale market.

Job Finder: Access Top Talent. Fill Key Positions.

>