Thrifty Car Rental 2008 Annual Report Download - page 48

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impacted by exchange rate fluctuations. However, this foreign currency risk is mitigated by the underlying
collateral which is the Canadian fleet. The fair value and average receive rate of the interest rate swaps
is calculated using projected market interest rates over the term of the related debt instruments as
provided by the counterparties.
Fair Value
Expected Maturity Dates December 31,
as of December 31, 2008 2009 2010 2011 2012 2013 Thereafter Total 2008
(in thousands)
Debt:
Vehicle debt and obligations-
floating rates (1) 719,974$ 392,283$ 500,910$ 500,432$ -$ -$ 2,113,599$ 1,467,599$
Weighted average interest rates 4.09% 1.95% 2.65% 3.11% - -
Vehicle debt and obligations-
fixed rates -$ 110,000$ -$ -$ -$ -$ 110,000$ 83,586$
Weighted average interest rates - 4.59% - - - -
Vehicle debt and obligations-
Canadian dollar denominated 86,535$ -$ -$ -$ -$ -$ 86,535$ 86,535$
Weighted average interest rates 3.27% - - - - -
Non-vehicle debt - term loan -$ -$ -$ -$ -$ 178,125$ 178,125$ 35,625$
Weighted average interest rates - - - - - 4.87%
Interest Rate Swaps:
Variable to Fixed -$ 390,000$ 500,000$ 500,000$ -$ -$ 1,390,000$ 1,509,620$
Average pay rate - 4.89% 5.27% 5.16% - -
Average receive rate - 1.59% 2.24% 2.78% - -
(1) Floating rate vehicle debt and obligations include $290 million relating to the Series 2005 Notes, the $600 million Series 2006 Notes
and the $500 million Series 2007 Notes swapped from floating interest rates to fixed interest rates.
Fair Value
Expected Maturity Dates December 31,
as of December 31, 2007 2008 2009 2010 2011 2012 Thereafter Total 2007
(in thousands)
Debt:
Vehicle debt and obligations-
floating rates (1) 772,454$ -$ 390,000$ 500,000$ 500,000$ -$ 2,162,454$ 1,990,667$
Weighted average interest rates 5.12% - 4.41% 4.83% 5.08% -
Vehicle debt and obligations-
fixed rates -$ -$ 110,000$ -$ -$ -$ 110,000$ 101,856$
Weighted average interest rates - - 4.59% - - -
Vehicle debt and obligations-
Canadian dollar denominated 135,512$ -$ -$ -$ -$ -$ 135,512$ 135,512$
Weighted average interest rates 5.98% - - - - -
Non-vehicle debt - term loan 2,500$ 2,500$ 2,500$ 2,500$ 2,500$ 236,250$ 248,750$ 237,556$
Weighted average interest rates 5.88% 5.49% 6.04% 6.42% 6.67% 6.86%
Interest Rate Swaps:
Variable to Fixed 500,000$ -$ 390,000$ 500,000$ 500,000$ -$ 1,890,000$ 1,937,825$
Average pay rate 4.20% - 4.89% 5.27% 5.16% -
Average receive rate 3.88% - 4.04% 4.42% 4.67% -
(1) Floating rate vehicle debt and obligations include the $500 million Series 2004 Notes, $290 million relating to the Series 2005 Notes,
the $600 million Series 2006 Notes and the $500 million Series 2007 Notes swapped from floating interest rates to fixed interest rates.
Interest rate sensitivity – Based on the Company’s level of floating rate debt (excluding notes with floating
interest rates swapped to effectively fixed interest rates) at December 31, 2008, a 50 basis point
fluctuation in short-term interest rates would have an approximate $5 million impact on the Company’s
expected pre-tax income.
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