TULSA, Okla., July 21, 2011 /PRNewswire/ -- Dollar Thrifty
Automotive Group, Inc. (NYSE: DTG) ("the Company") today 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.
(Logo:
http://photos.prnewswire.com/prnh/20020412/DTGLOGO)
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.
About Dollar Thrifty Automotive Group, Inc.
Dollar Thrifty Automotive Group, Inc. is headquartered in
Tulsa, Oklahoma. Driven by the
mission "Value Every Time," the Company's brands, Dollar Rent A Car
and Thrifty Car Rental, serve value-conscious travelers in over 80
countries. Dollar and Thrifty have over 600 corporate and
franchised locations in the United
States and Canada,
operating in virtually all of the top U.S. and Canadian airport
markets. The Company's approximately 6,000 employees are located
mainly in North America, but
global service capabilities exist through an expanding
international franchise network. For additional information, visit
www.dtag.com or the brand sites at www.dollar.com and
www.thrifty.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release contains certain forward-looking statements, which
reflect management's expectations regarding future events and
operating performance and speak only as of the date hereof. These
forward-looking statements involve a number of risks and
uncertainties. The factors that could cause actual results to
differ materially from our expectations are detailed in the
Company's filings with the Securities and Exchange Commission, such
as its annual and quarterly reports.
Additional Information
The Series 2011-1 rental car asset backed notes have not and
will not be registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press
release shall not constitute an offer to sell, nor the solicitation
of an offer to sell the Series 2011-1 notes, nor shall it
constitute an offer, solicitation or sale in any jurisdiction in
which, or to any person to whom, such an offer or solicitation or
sale is unlawful.
SOURCE Dollar Thrifty Automotive Group, Inc.